PHEVs: Big on Rare Earths, Small on Battery Materials
In October, the top 10 models by battery capacity deployed were all BEVs…
In October 2022, a total of 44.3 GWh of battery capacity was deployed onto roads globally in newly sold passenger EVs, 14.2% less than the month prior but a hefty 69.9% more than the same month the year prior as EV sales growth continues to soar overall – particularly in China.
Not surprising, perhaps, the top 10 EV models by battery capacity (kWh) deployed onto roads in October 2022 were all battery electric vehicles (“BEVs”), which inherently have large capacity battery packs because all driving is powered by electricity.
However, just six of the top 10 models by motor power deployed were BEVs, four were PHEVs
Interestingly, however, is that when looking at the top 10 EV models by motor power (kW) deployed onto roads in the same month, just six were BEVs and four were plug-in hybrid electric vehicles (“PHEVs”), which have an onboard battery, electric motor(s), and an internal combustion engine powered by gasoline.
BEVs and PHEVs often use electric motors of similar size, an important consideration in the context of motor materials demand
While PHEVs typically contain substantially smaller batteries than BEVs, they use electric motors of similar size, translating to similar (and in some cases greater) motor costs and NdFeB magnet demand per vehicle – a noteworthy fact in the context of rare earths demand.
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