Fast Five: 5 Fastest Growing Cell Suppliers Outside China and Europe
Chinese cell suppliers leading growth outside China and Europe
In June, half of the globe’s batteries deployed in electric vehicles and hybrids made it onto China’s roads. Another 25% of the battery capacity in newly sold EVs are now roaming the highways and byways of Europe.
That still leaves a sizeable chunk of the market for cell suppliers to exploit, with the U.S. representing roughly two-thirds of the market outside of China and Europe in June of this year, according to data from the Adamas Intelligence EV Battery Capacity and Battery Metals Tracker.
Other important markets ex-China-Europe include South Korea, Canada, Australia, Japan and Thailand, although EV units now sell in virtually all countries around the world. The Adamas tracker currently covers more than 110 of the world’s EV markets.
In June of this year, Chinese cell suppliers led the ‘fast five’ by year-over-year growth, deploying on average 661% more battery capacity onto roads outside China and Europe than the same month the year prior.
BYD, Farasis Energy and SVOLT rising fastest outside China and Europe
In June 2023, the top cell supplier ex-China-Europe was China’s BYD, which has articulated one of the most aggressive expansion plans in- and outside its home country to-date. BYD – in which legendary investor Warren Buffet famously bought a stake in 2008 for $232 million that is now worth nearly $8 billion (even after selling off some shares in 2020) – deployed an astonishing 1,424% more EV battery capacity onto roads ex-China-Europe in June 2023 than the same month the year prior.
Farasis Energy, founded in 2002 in California with a Chinese subsidiary listed in Hong Kong in 2020, came in at number two in June 2023 with a 360% increase in battery capacity deployed onto roads ex-China and Europe versus June 2022.
SVOLT took third place in terms of year-on-year growth, while Samsung SDI came in fourth.
Tesla pipped CATL to take the number five position in June 2023 with a year-on-year growth rate of 123%. With the Cybertruck, which uses the Texas-based company’s inhouse 4680 cells, on the cusp of starting early deliveries, Tesla may well accelerate its growth ex-China-Europe in the coming months.
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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