Top 5 EV motor suppliers in January 2024

May. 6, 2024

Huawei enters top 5 

In January 2024, the combined motor power deployment onto global roads in newly sold passenger EVs totaled 235.5 GW, a 27% decline from December’s all-time record but a 64% jump over January 2023, according to data from Adamas Intelligence’s EV Motor Materials Monthly service. 

In the lead, BYD Auto Industry deployed 36.9 GW of motor power onto roads globally in January of this year, down 25% month-over-month but up a massive 65% year-over-year helping the company overtake Tesla, which held the top spot for 10 months of last year.    

In total, BYD’s namesake motor maker, which also supplies Denza (a BYD-Mercedes Benz joint venture created in 2010) and Toyota in China, cornered 16% of the global market in January 2024.  

In terms of battery capacity deployment, Denza was the fastest growing EV make worldwide in 2023 with new owners of Denza EVs steering nearly 16-times more battery capacity (in GWh) onto roads last year than the year prior.   

Trailing BYD, Tesla deployed 32.7 GW of motor power in January 2024 (all in its own vehicles), representing a 41% decline month-over-month but a 24% increase year-over-year. Permanent magnet motors made up more than two-thirds of Tesla’s deployment during the month, Adamas data shows.

Toyota Group Companies, including Denso and Aisin Seiki, captured third spot in January 2024 with deployment of 27.6 GW globally, down 14% month-over-month but a 30% rise over the same month a year ago. In total, Toyota Group Companies claimed 12% of the global market in January 2024. 

In a distant fourth place was China’s UAES, which had a bumper January with 10.4 GW deployed globally, 115% more than they rolled onto roads in January 2023, affording the company 7% of the global market. The sales weighted average UAES motor had a peak power of 176 kW in September, up 7% year-over-year. 

Chinese telecom giant Huawei, which entered the EV industry in 2018 through a partnership with automaker Changan and battery maker CATL, jumped to fifth place in January after deploying 9.3 GW during the month, representing an eye-catching 440% year-over-year increase. 

Adamas take:

In January 2024, the sales-weighted average EV sold globally (including BEVs, PHEVs and HEVs) had a peak motor power of 134.2 kW, up 9% year-over-year as BEV and PHEV sales growth continues to outpace that of conventional HEVs, the latter of which tend to use lower powered motors/generators than the former.



EV, Motor and Motor Materials Intelligence:

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