Mining News
Global consumption of battery materials skyrockets in H2 2022 on strong EV sales - report
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(Kitco News) - In its recent biannual report titled State of Charge: EVs, Batteries and Battery Materials, Adamas Intelligence (AI) said that in H2 2022, global passenger electric vehicles (EV) registrations rose 38% over the prior year period, amounting to 8.15 million units, up from 5.9 million units in H2 2021.
The consultancy explained that this increase was driven by strong sales growth in Asia Pacific (up 53% year-over-year) coupled with modest growth in the Americas (up 21% year-over-year) and Europe (up 19% year-over-year).
"In the Asia Pacific region, a 53% increase in passenger EV sales year-over-year in H2 2022 resulted in a booming 77% increase in watt-hours of battery capacity deployed onto roads over the same period, plus a corresponding 74% increase in lithium, 44% increase in nickel and 45% increase in cobalt consumption year-over-year," the authors of the report found.
Importantly, AI said that in H2 2022, total global battery capacity deployed onto roads in all regions combined amounted to a record 291.7 GWh, 64% more than was deployed globally in H2 2021.
According to the report, in H2 2022, Tesla and BYD installed nearly as many watt-hours into newly sold passenger EVs as their fifteen closest competitors combined.
"In H2 2022, just seven cell suppliers globally (CATL, LG Energy Solution, BYD, Panasonic, Samsung SDI, SK On and CALB) were collectively responsible for more than 80% of all battery capacity and battery metals deployed onto roads globally in newly sold passenger EVs," it reads.
AI said that in H2 2022, 173,790 tonnes of lithium carbonate equivalent ("LCE") were deployed onto roads globally in the batteries of all newly sold passenger EVs combined, 62% more than were deployed globally in H2 2021.
"This increase comes on the back of a 38% rise in global EV sales and a 19% increase in the average EV's pack capacity, coupled with pervasive use of medium-nickel cell chemistries, like NCM 5- and 6- Series, which use more LCE per kWh than LFP, NCA or NCM 8- and 9-Series cells," AI explained.
The consultancy added that in H2 2022, 121,170 tonnes of nickel (up 44% from H2 2021), 24,870 tonnes of cobalt (up 37% y-o-y), 32,700 tonnes of manganese (up 39% y-o-y), and 267,800 tonnes of graphite (up 68% y-o-y) were deployed onto roads globally in the batteries of all newly sold passenger EVs combined.
Adamas Intelligence is an independent research and advisory firm that helps clients make informed decisions involving strategic metals and materials, such as rare earth elements and battery metals and materials.
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