Top 5 EV motor suppliers in September 2023

Tesla holds the lead despite significant year-over-year drop

In September 2023, Tesla deployed 44.3 GW of motor power onto roads globally in its own vehicles, down 6% month-over-month and 19% year-over-year, according to the Adamas Intelligence EV Motor Materials Monthly report and data service.  In total, Tesla captured 17% of the global market in September 2023, down from 27% a year ago.

Number two worldwide, BYD Auto Industry, narrowed the gap to Tesla with 38.4 GW deployed in September 2023, up 7% month-over-month and 31% year-over-year.  In total, BYD’s namesake motor maker, which also supplies Denza (a BYD-Mercedes Benz joint venture) and Toyota in China, cornered 15% of the global market in September 2023, up from 14% a year ago. 

Toyota Group Companies, including Denso and Aisin Seiki, captured third spot in September 2023 with deployment of 26.5 GW globally, up 15% month-over-month and a towering 46% rise over the same month a year ago. In total, Toyota Group Companies claimed 10% of the global market in September 2023, up from 9% a year ago.

In fourth place, HYCET Technology and UAES, suppliers to China’s fast-growing Li Auto, had a bumper September with 11.9 GW deployed globally, 256% more than they rolled onto roads the September prior for a combined 5% of the market, up from 2% a year ago.  

Li Auto’s entire model line-up are plug-in hybrids (PHEVs), specifically range-extenders with an onboard gasoline-powered generator that recharges the battery, but no internal combustion engine for actually driving the vehicle. The sales-weighted average HYCET / UAES motor had a peak power of 330 kW in September, the highest among the top five motor suppliers.  

In fifth spot, BMW deployed 10.7 GW of motor power during September 2023, down 1% month-over-month but up 77% year-over-year, affording the German company a 4% share of the market for the month, up from 3% a year ago.

Collectively, the top five motor suppliers in September 2023 captured 51% of the global market by GW deployed, down from 55% in September 2022.

EESM deployment nearly doubles

In September 2023, 29% more permanent magnet (PM) motor power was deployed onto roads than the same month the year prior, giving PM motors an 88% share of the market by GW deployed.

Over the same period, induction motor power deployment went virtually unchanged, sustained only by their use as auxiliary motors in certain multi-motor models, giving them an 8% share of the market overall.

Notably, in September 2023, a booming 96% more electrically excited synchronous motor (EESM) power was deployed onto roads than the same month the year prior, giving EESMs a 4% share of the market overall. The sharp increase in EESM deployment came mostly on the back of persistently strong sales of BMW BEVs worldwide. 

Adamas take:

The EV motor market continues to show strong year-over-year growth despite the dip experienced during September by perennial leader Tesla. Tesla, BYD and Toyota are all major users of permanent magnet traction motors, translating to equally robust demand growth for NdFeB permanent magnets over the same period.

As we have noted in other recent insights, at least some of the September lull in sales for Tesla (and resultant weakness in the motor market) can be attributed to buyers waiting for delivery of the refreshed Model 3 Highland, which started in October. As deliveries ramp up through Q4, we expect EV motor and NdFeB magnet deployment to have a record calendar quarter.