Top 5 EV cell suppliers outside China

May. 3, 2024

Tesla drives LGES, Panasonic and CATL to the front of the pack

In January 2024, 53.3 GWh of battery capacity was rolled onto roads worldwide in all newly sold passenger EVs combined, up 64% over January 2023, but down 32% compared to the all-time monthly record of 78.7 GWh set in December. 

With China’s Lunar New Year holiday falling in February this year versus January the year prior, the country’s EV sales growth soared year-over-year in January 2024.

With 30.2 GWh deployed, the country was responsible for 57% of global battery capacity deployment during the month and over 91% across the Asia Pacific region. 

SEE ALSO: EV parc in China growing 10 times faster than in US 

For the other 43% of the market, Adamas Intelligence analyzed battery capacity deployment outside of China to compile a ranking of the top cell suppliers to the ex-China industry.  

In January 2024, the top cell supplier outside of China was LG Energy Solution (LGES), which deployed 5.8 GWh during the month. The top models powered by LGES’ cells were the Tesla Model Y, which the company equips in markets outside the US, and the Volvo XC40 Recharge. 

In second, Panasonic deployed 3.9 GWh onto roads ex-China in January, thanks again primarily to the Tesla Model Y. Panasonic entered into a supply relationship with Tesla back in 2009 and has since relied on the EV pioneer for the vast majority of its EV battery business. Towards that end, 78% of Panasonic’s deployment in January of this year was fitted to Tesla vehicles. 

In third, CATL deployed 3.6 GWh onto roads outside China in January 2024. Like LGES and Panasonic, the top model driving the Chinese company’s cell sales outside the homeland was also a Tesla workhorse, in this case the Model 3, which made up 23% of the world no 1 battery maker’s total ex-China.

In fourth and fifth were Samsung SDI (3.0 GWh deployed) and SK On (2.2 GWh deployed).  

Outside of China fourth-paced Samsung SDI is a key supplier to BMW. The German luxury marque drove 40% of the Korean firm’s power hours onto roads outside of China in January.  

Conversely, outside of China fifth-placed SK On is a key supplier to Ford. Specifically, the Ford F-150 Lighting was responsible for 20% of SK On’s deployment out of China in January.

Lastly (not shown on the chart), Tesla deployed a mere 0.6 GWh onto roads ex-China in January 2024 (powering newly sold Model Ys and Cybertrucks), placing the company in seventh spot, behind BYD, which deployed more than double Tesla’s figure. 

Top 5 EV cell suppliers outside China

Adamas take:

The global EV market is becoming more bifurcated, not only in terms of market growth in the Americas and Europe compared to China, but also with respect to the top cell suppliers and cell chemistries used in each.  

For example, in China, LFP cornered 50% of the market in January by GWh deployed, Adamas data shows. In the rest of the world, widespread high-nickel NCA and NCM use saw LFP’s share shrink to just 14% during the month.  

Moreover, in China, CATL and BYD together control upwards of 70% of the domestic market, while outside the country their combined share is only 22%. 

 


 

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