Nickel use in average EV continues to rise

Jan. 11, 2024

Nickel in average PHEV battery surges

In October 2023, the average passenger BEV sold globally contained 23.9 kilograms of nickel (up 4% year-over-year), the average PHEV contained 7.2 kilograms of nickel (up 44% year-over-year), and the average HEV contained 4.0 kilograms of nickel (down 1% year-over-year), according to Adamas Intelligence data. 

Overall, the average passenger EV (BEV, PHEV and HEV) sold globally in October 2023 contained 14.6 kilograms of nickel, 5% more than it contained in October 2022.

In total, 25,504 tonnes of nickel were deployed onto roads globally in the batteries of all newly sold passenger EVs combined in October 2023, 40% more than the same month the year prior. 

Nickel usage grows across all EV types

Adamas take:

LFP’s erosion of NCM’s market share slowed in the second half of 2023, as evidenced by a 40% increase in nickel deployed onto roads in October 2023 versus the same month the year prior.

The surging global popularity of PHEVs – especially in China – with high capacity (i.e., high kWh) nickel-rich batteries was a boon for the devil’s metal in 2023.

That said – with LFP going into a handful of new mid-market EV models released in China late last year, including the Neta X, Roewe D7 and Kia EV5 (made in China version), NCM and the nickel that powers it could face returning headwinds in 2024.



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