American and Chinese consumers are head over heels for SUVs — a mutual love affair that seems likely to expand in the coming years into growing demand for electric SUVs, according to a new report.

Expand chart
Data: Bloomberg New Energy Finance; Chart: Lazaro Gamio/Axios

Quick take: By 2022, Chinese demand for electric cars will triple, and the largest bloc — 39% — will be SUVs and crossovers, according to Bloomberg New Energy Finance, a research firm. Americans will buy more than twice as many electrics as they currently do, and 52% of them will be SUVs and crossovers.

Why it matters: Electric car skeptics cite relatively low current demand as evidence that battery-propelled vehicles are unlikely to break out of their niche any time soon. But the new forecast suggests why they can — because they will fall neatly into the current of existing mobility fashion.

  • SUVs lead vehicle sales, accounting for 42% of all U.S. demand last year and 39% of China's.

The report forecasts an overall boom in EV demand through 2040, led by a surge in the number of electric models on offer, especially from the German automakers but also Tesla, said Salim Morsy, the report's main author. SUVs will be the main driver of that demand, Morsy tells Axios.

  • The major automakers will release 65 new electric models through 2022.
  • Demand will be led by ultra-stylish and luxury SUVs and crossovers like the Audi e-tron, the Jaguar I-PACE, the BMW iX3, the Ford Mach 1, and Tesla's coming Model Y, Morsy said.
  • The German carmakers are being especially aggressive. VW alone plans to release about 80 electric models by 2025, BMW has announced 47, and Daimler 10.

By the numbers: Here are the report's projections for electric sales for 2018-2022.

  • U.S.: 314,000 electric vehicles will be sold this year, a 61% jump over last year's sales. In 2022, the number will more than double to 853,000. Sedans will be in far less demand than SUVs — just 24% of all sales.
  • China: Consumers will buy 750,000 electrics in 2018, and 2.5 million in 2022. Sedans will be just 9% of sales, with compacts and subcompacts making up most of the rest.

Go deeper

TikTok's content-moderation time bomb

Illustration: Aïda Amer/Axios

When the dust finally clears from the fight over TikTok, whoever winds up running the burgeoning short-video-sharing service is likely to face a world of trouble trying to manage speech on it.

Why it matters: Facebook’s story already shows us how much can go wrong when online platforms beloved by passionate young users turn into public squares.

Ben Geman, author of Generate
40 mins ago - Energy & Environment

Zooming in on China's new energy plan

Illustration: Rebecca Zisser/Axios

Major climate news arrived on Tuesday when Chinese President Xi Jinping said China would aim for "carbon neutrality" by 2060 and a CO2 emissions peak before 2030.

Why it matters: China is by far the world's largest greenhouse gas emitter. So its success or failure at reining in planet-warming gases affects everyone's future.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 9 a.m. ET: 31,647,930 — Total deaths: 971,711 Total recoveries: 21,776,599Map.
  2. U.S.: Total confirmed cases as of 9 a.m. ET: 6,897,661 — Total deaths: 200,818 — Total recoveries: 2,646,959 — Total tests: 96,612,436Map.
  3. Health: Hospitals want more time to repay pandemic loans — Supply shortages continue to plague testing.
  4. Business: The high-wage jobs aren't coming back
  5. Vaccines: Johnson & Johnson begins large phase 3 trial — The FDA plans to toughen standards.
  6. Sports: Less travel is causing the NBA to see better basketball.

Get Axios AM in your inbox

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Subscription failed
Thank you for subscribing!