Global EV battery graphite demand up 41% in 2023

Mar. 15, 2024

PHEVs outpace

Globally, a record 631,821 tonnes of graphite were deployed onto roads in electrified passenger vehicles sold in 2023, representing a 41% (or 183,774 tonne) increase over 2022. 

More specifically, 544,006 tonnes of graphite were deployed onto roads in the batteries of all newly sold battery electric vehicles (BEVs) globally, 144,979 tonnes more than in 2022 equating to a 36% increase year-over-year. 

A total of 84,752 tonnes of graphite were deployed in the batteries of all newly sold plug-in hybrids (PHEVs) in 2023, an 81% jump over the year prior. 

Soaring graphite deployment in PHEVs over the past 12 months is a function of surging unit sales growth globally, especially in China, coupled with a steady rise in the average PHEV’s battery capacity (in kWh). 

As to be expected, conventional hybrid electric vehicles (HEVs) hauled the least amount of graphite onto roads in 2023 at 6,652 tonnes, an increase of 39% year-over-year and outpacing HEV unit sales growth of 29% over the same period. 

Global EV battery graphite demand up 41% in 2023

Li takes a lead

In 2023, the sales-weighted average PHEV registered globally had a battery pack capacity of 21.0 kWh, up 22% year-over-year, thanks in no small part to fast-growing Chinese plug-in hybrid specialist, Li Auto.  

Specifically, Li Auto’s L7, L8, L9 and One range extending models had a sales-weighted average pack capacity of 43.3 kWh last year, more than twice the global average, Adamas data reveals. 

In terms of the GWhs steered onto roads last year, buyers of the Beijing-based automaker’s EREVs (in which the internal combustion engine charges the battery rather than powers the wheels), Li Auto ranked no 7 in the world.  

The company deployed 16.3 GWh hours of batter capacity onto roads in 2023, representing a 189% increase over the year before. 

Adamas take:

An eye-catching feature of the market last year was the runaway popularity of plug-in hybrid EVs. Global PHEV registrations surged 46% year-over-year versus an overall electrified passenger vehicle growth rate of 35%.  

Despite the growing market share of PHEVs, which have inherently smaller batteries than BEVs, the sales-weighted amount of graphite used across all EV types during 2023 increased 8% year-over-year, from 30.2 kg to 32.6 kg.  



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