Sales weighted average battery capacity by cathode chemistry
Calendar 2024 was a record-breaking year for the global electric vehicle industry. In total, 865.5 GWh was added to the electric car parc, an expansion of 171.8 GWh or 25% compared to the year before.
EVs sold last year fitted with LFP packs added an eye-catching 342.2 GWh to the global EV parc, a 54% jump over the year before. LFP cathodes now command 40% of the market in GWh terms, up from 32% in 2023.
The average EV fitted with an LFP pack had a battery capacity of 38.9 kWh in 2024, a 1% decline compared to the average for 2023. While the data is skewed somewhat by BYD, which now relies on PHEVs (with inherently smaller batteries) for the bulk of its sales, the sub-40 kWh average is noticeably lower than most nickel-rich cathode chemistries.
