Record EV battery metals deployment in November 2023
Global EV battery capacity deployment powers ahead
In November 2023, monthly passenger EV sales hit an all-time high of 1.89 million units, up 8% month-over-month and 30% compared to November 2022. Â
In total, 69.8 GWh of battery capacity were deployed onto roads globally in November 2023 in all newly sold passenger EVs combined, up 12% month-over-month and 32% over the same month the year before. That compares to 74.4 GWh for all of 2018.Â
Unsurprisingly, November’s blistering battery capacity deployment growth translated to record-breaking battery materials deployment over the same period. Â
Lithium: In November, a record 41,241 tonnes of lithium carbonate equivalent (LCE) were rolled onto roads globally (60% as carbonate, 40% hydroxide) in the packs of all newly sold EVs combined, up 12% month-over-month and 31% over the same month the year prior. The global sales-weighted average amount of LCE deployed per EV reached 21.9 kg in November 2023, up 1% year-over-year.Â
Graphite: In November, a record 64,301 tonnes of synthetic and natural graphite were deployed onto roads globally, up 12% month-over-month and 32% compared to November 2022. The global sales-weighted average amount of graphite used per EV also increased 1% year-over-year, from 33.6 kg to 34.1 kg.
Nickel: In November, a record 27,840 tonnes of nickel were deployed onto roads globally, up 10% month-over-month and 34% compared to November 2022. Over the same period, the global sales-weighted average amount of nickel deployed per EV rose 3% to 14.8 kg.Â
Cobalt: In November, 5,500 tonnes of cobalt were deployed onto roads globally, up 8% month-over-month and 26% compared to November 2022. Total cobalt deployment in November 2023 fell just short of the previous record set in December 2022, when 5,645 tonnes of the metal hit highways and byways worldwide. In November 2023, the sales-weighted average amount of cobalt deployed per EV amounted to 2.9 kg, down 3% from November 2022.
Manganese: In November 2023, 7,048 tonnes of manganese were deployed onto roads globally, up 7% month-over-month and 23% year-over-year. Over the same period, the global sales-weighted average amount of manganese deployed per EV fell 5% to 3.7 kg.
Adamas take:
The expanding use of LFP batteries in EVs, coupled with the preference for high-nickel cathode chemistries on the ternary side of the market, will continue to put downward pressure on the average EV’s cobalt and manganese loadings, as well as overall tonnage deployed by the market, into the near-term.
With December typically the strongest month of the year these trends will likely be put into more stark relief as the data is accumulated.Â
*Note: To produce the most accurate results Adamas Intelligence analysis is based on end-user vehicle registrations not extrapolations of production data, wholesale car markets, sales to dealerships or preliminary sales projections. Â