Top 5 EV makers by motor power deployed in November 2023

Jan. 16, 2024

Li Auto storms the rankings  

From January through November 2023, Tesla was the leading EV motor supplier globally, deploying 456.3 GW of motor power onto roads in its own vehicles, earning the Texas-based company a 19% share of the global market.

In November 2023 alone, all new Tesla owners combined rolled a towering 48.0 GW of motor power onto roads worldwide, a 16% jump compared to the same month of 2022.  

In second place, BYD deployed 334.6 GW onto roads through the first 11 months of last year, giving the Chinese company – now the top EV maker worldwide when including hybrids – a 14% share of the global market.

In November 2023 alone, BYD deployed 36.0 GW, up 5% year-over-year but a full 33% shy of Tesla’s total for the month.  

In third spot, Toyota deployed just 194.8 GW of motor (and generator) power onto roads through the first 11 months of 2023, capturing 8% of the overall market. In November 2023, the Japanese automaker deployed 19.6 GW onto roads in the month, up 40% year-over-year but still just a fraction of what Tesla and BYD rolled out.

Through the first 11 months of last year, Li Auto and BMW captured fourth and fifth place in the rankings with 106.9 GW and 97.3 GW deployed onto roads, respectively.

When comparing November 2023 and November 2022 totals, Li Auto’s growth was the fastest among the top automakers by motor power deployed with the company recording a 176% surge to 13.5 GW in November 2023 despite only producing plug-in hybrid vehicles. On the other hand, BMW’s year-over-year expansion was more sedate at 32%, deploying a lesser 11.8 GW in the month. 

In total, from January through November of last year, 2,466 GW of motor power were deployed onto roads globally in all newly-sold EVs combined (including plug-in and conventional hybrids). 

November 2023 was a record month with 280 GW reaching new EV buyers, a 37% jump over the same month the year prior. Overall, the top 5 suppliers combined powered 48% of the market from January through November 2023.

Adamas take:

The EV motor market continues to show strong year-over-year growth led by the usual suspects, Tesla, BYD and Toyota – all major users of permanent magnet traction motors, translating to equally robust demand growth for NdFeB permanent magnets over the same period. 



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