Chinese EVs are on a strict nickel diet 

In September 2024, two thirds of the 84.5 GWh rolled onto the world’s roads – a new monthly record – were in made-in-China EVs.  

Of these, 57% of were powered by LFP batteries, up from 51% in the same month last year. 

In total, newly sold made-in-China EVs with LFP batteries added a whopping 32.2 GWh to the global EV parc in September 2024, while NCM 5-Series claimed a distant second at 12.8 GWh. 

Consequently, Chinese automakers continued preference for LFP batteries and use of low-nickel NCM packs have seen the nickel content of the average EV sold in Asia Pacific plummet.   

Across the region the battery of the average passenger EV, including plug-in and conventional hybrids, sold during the month of September contained just 8.8 kg of nickel, 19% less than a year ago.   

That compares to 24.5 kg in the Americas (up nearly 5% from September last year) and 19.3 kg of nickel in the average EV sold in Europe during the month, a more than 3% rise.

Despite limited penetration of markets outside Asia Pacific, particularly the US, Chinese dominance of the global industry translated to an 11% year on year fall in the nickel contained in the battery of the average EV sold worldwide.  

The trend is even more noticeable in full electric vehicles. BEV batteries sold in Asia Pacific in September contained 13.0 kg of nickel, 39% below the global average, versus 49.1 kg in the Americas (more than double the global average) and 34.2 kg in Europe.

Contact the Adamas team to discuss further.