Graphite demand from plug-in hybrids surges 78% in November 2023
Graphite deployment records broken
Globally, a record 64,301 tonnes of graphite were deployed onto roads in newly sold electrified passenger vehicles in November 2023, representing a 32% (or 15,486 tonne) increase over November 2022.
More specifically, 54,722 tonnes of graphite were deployed onto roads in the batteries of all newly sold battery electric vehicles (BEVs) globally, 11,336 tonnes more than in November 2022 equating to a 26% increase year-over-year.
Moreover, a total of 9,294 tonnes of graphite were deployed in the batteries of all newly sold plug-in hybrids (PHEVs) in November 2023, a towering 78% rise over the same month 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).
In November 2023, the sales-weighted average PHEV registered globally had a battery pack capacity of 22.8 kWh, up 29% year-over-year, thanks in no small part to fast-growing Chinese plug-in hybrid specialist, Li Auto. The automaker’s L7, L8, L9 and One PHEV models had a sales-weighted average pack capacity of 43.3 kWh in November 2023, nearly twice the global average, Adamas data reveals.
As to be expected, conventional hybrid electric vehicles (HEVs) hauled the least amount of graphite onto roads in November 2023 at just 285 tonnes, albeit deployment was up 45% year-over-year on the back of strong HEV unit sales growth over the same period.
Adamas take:
An eye-catching feature of the market last year was the runaway popularity of plug-in hybrid EVs. Through the first 11 months of the year, global PHEV registrations surged 48% year-over-year versus an overall electrified passenger vehicle growth rate of 33%.
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 the first 11 months of 2023 increased 9% year-over-year, from 29.8 kg to 32.4 kg.
