NCM nobility: Top automakers, cell suppliers in Americas, Europe, Middle East and Africa

From January through May this year, full electric passenger EVs (BEVs) and plug-in hybrids (PHEVs) equipped with high-nickel NCM batteries (6-Series and higher) were responsible for 58% of total battery metals consumption outside the Asia Pacific (APAC) region.  

During the period a total of 57.5 kilotonnes (kt) of graphite, 39.3 kt of LCE (lithium carbonate equivalent), 38.4 kt of nickel, 7.7 kt of manganese and 6.9 kt of cobalt were contained in the high-nickel NCM packs powering newly sold EVs in the ex-APAC region.

LG Energy Solution (LGES) was the number one supplier of high-nickel NCM cells across ex-APAC with a full 49% of all BEVs and PHEVs sold during the first five months of 2024 powered by the Korean company.

However, LGES lost market share year-over-year as Korean cell supplier SK On and third-placed CATL upped respective metals consumption 45% and 65% for production of their own high-nickel NCM cells.

In total, SK On and CATL cornered 19% and 9% of the regional market, respectively, followed by Samsung SDI and Tesla with 7% apiece.

Despite a 5% fall in its metals consumption for high-nickel NCM, Volkswagen Group was the largest consumer of active battery materials by OEM over the five month period at 34.6 kt followed at a distance by Tesla with 24.8 kt.

Hyundai Motor Group, which includes the popular Kia make, deployed 18.6 kt of battery metals, Mercedes-Benz 15.5 kt and Ford Motor Company 12.4 kt. Ford was the fastest growing automaker among the top tier after a 68% jump over the January to May 2023 period, Adamas data shows.

By the same measure, the top 5 countries in the Americas and EMEA by metals deployment in high-nickel NCM cells were the US with 48.0 kt, Germany (17.9 kt), the UK (15.1 kt) followed by France (10.6 kt) and Canada (7.8 kt).  

Notably, Canadian EV buyers rolled 75% more battery metals onto the country’s roads from January through May compared to the same period last year, far outpacing other nations among the top 10, while further down the list Turkey tripled its own metals consumption over the same period. 

Adamas take:

LFP displacing NCM batteries has been a striking feature of the global electric car market since 2020 but this development is unevenly spread.

While 53% of all GWhs deployed YTD in newly-sold EVs in China were powered by LFP, NCM remains the dominant cathode chemistry outside the Asia Pacific region.

Notably, in the ex-APAC region, a long-running trend towards high-nickel NCM types in particular is serving to negate some of the headwinds facing the global nickel market.