Soaring EV Sales Fueled Record Battery Metals Demand in 2021 H2

In its latest biannual ‘State of Charge: EVs, Batteries and Battery Materials’ report, Adamas Intelligence looks at the global EV market’s performance over the past half-year (in this case “2021 H2”) and its implications on ever-evolving battery and battery materials supply chains. The findings in the latest report are positively alarming.

Among the findings of the latest report:

• In 2021 H2 global passenger EV registrations jumped 62% over the same period the year prior, amounting to 5.84 million units versus 3.60 million units in 2020 H2. This increase was driven by surging sales growth in Asia Pacific (86% year-over-year), the Americas (51% year-over-year) and Europe (34% year-over-year).
• In the Asia Pacific region, the near doubling of EV sales year-over-year in 2021 H2 translated to a massive 141% increase in watt-hours of battery capacity deployed onto roads versus the same period the year prior, and a corresponding 134% increase in lithium, 77% increase in nickel and 75% increase in cobalt consumption over the same period.
• In 2021 H2, total global battery capacity deployed onto roads in all newly sold passenger EVs combined amounted to a hefty 177.2 GWh, 92% more than was deployed globally in 2020 H2.
• In 2021 H2, Tesla continued to ‘lead the pack’ by battery capacity deployed onto roads globally, installing more watt-hours into newly sold EVs than its five closest competitors combined.
• Just seven cell suppliers globally (CATL, LG Energy Solution, Panasonic, BYD, Samsung SDI, SK On and CALB) were collectively responsible for more than 88% of all battery capacity and battery metals deployed onto roads globally in passenger EVs in 2021 H2.
• In 2021 H2, global leader CATL deployed 183% more watt-hours of battery capacity onto roads worldwide than the same period the year prior, translating to a 171% increase in lithium, 138% increase in nickel, and 114% increase in cobalt deployed onto roads over the same period.
• In 2021 H2, deployment of LFP cells (in watt-hours) increased 426% over 2020 H2 leading to a drop in the average amount of nickel (-2%) and cobalt (-9%) consumed per EV sold.
• In 2021 H2, 107,200 tonnes of lithium carbonate equivalent (“LCE”) were deployed onto roads globally in the batteries of all newly sold passenger EVs combined, 88% more than were deployed globally in 2020 H2. 56% of all LCE units were deployed as carbonate, 44% as hydroxide.
• Moreover, in 2021 H2, 84,600 tonnes of nickel were deployed onto roads globally in the batteries of all newly sold passenger EVs combined, 59% more than were deployed globally in 2020 H2.
• Lastly, in 2021 H2, 18,200 tonnes of cobalt were deployed onto roads globally in the batteries of all newly sold passenger EVs combined, 48% more than were deployed globally in 2020 H2.

This overview draws on research and data available to clients through Adamas Intelligence’s web-based ‘EV Battery Capacity and Battery Metals Tracker’.

Download the latest ‘State of Charge: EVs, Batteries and Battery Materials’ report free at Adamas Intelligence’s website.

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