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In 2022, a Massive 488.3 GWh Deployed Onto Roads Globally in New Passenger EVs

CATL, LG Energy Solution and BYD collectively captured 65% of the global EV market

Last year, a massive 488.3 GWh of battery capacity was deployed onto roads globally in newly sold passenger EVs (HEVs, PHEVs, BEVs), 70.2% more than the year prior despite ongoing supply chain struggles and economic headwinds in all major EV markets.

CATL led the pack by a longshot with 156.1 GWh deployed onto roads globally, followed at a distance by LG Energy Solution with 89.9 GWh deployed and BYD with 69.9 GWh deployed.

Collectively, the top three by capacity deployed were responsible for 65% of all GWh put onto roads last year, the top five were responsible for 79% and the top 10 were responsible for 94%.

Battery and battery metals demand growth to continue outpacing EV sales growth

The surge in battery capacity deployment in 2022 was driven by a 39.5% rise in passenger EV sales coupled with a 22.0% rise in the sales-weighted-average EV’s battery pack capacity, from 27.8 kWh in 2021 to 33.9 kWh last year.

With BEV and PHEV sales growth continually outpacing that of HEVs, which have inherently smaller batteries, we expect demand for EV batteries (in GWh terms) and the metals and materials in them to continue rising disproportionally faster than EV unit sales.

Note: The above figure considers battery capacity (GWh) deployed onto roads in newly sold passenger EVs (HEVs, PHEVs, BEVs) globally.

It does not consider working inventories of cells, packs and vehicles on assembly lines, at dealerships, or in transit. It also does not consider battery capacity installed or deployed in commercial vehicles (e.g., passenger busses), special purpose vehicles (e.g., garbage trucks), low speed electric vehicles, or electric bikes, scooters, mopeds, motorcycles, quadricycles, boats, aircraft or all terrain vehicles.

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