The latest Adamas Intelligence’s report about the passenger electric vehicle market shows 94% growth (year-over-year) of battery capacity deployment in March to 9.76 GWh.
The monthly volume suggests also that the EV battery market already exceed 100 GWh annually and is quickly moving towards the next milestone.
Plug-in electric car sales in the same period increased by 25% according to the report, which means that average battery capacity in plug-in cars is increasing by 55% year-over-year.
Even more interesting finding is that CATL hugely outperformed the market, increasing its EV battery deployment by 553% compared to March 2018.
CATL increased its market share to 13% of all passenger EV battery capacity deployed globally, being now just behind BYD. The market leader Panasonic noted two times higher market share (probably around over 26%).
Interesting is also that in terms of battery chemistry, the NCM 523 (with 50% nickel content in cathode) went up by 223% year-over-year in March. The future seems to belong to NCM 811 (no data yet), while the good old LFP mostly used in China is now shrinking by 60%.
“Over the same period, total passenger EV battery capacity deployed increased by a lesser 94%, speaking to the rapid uptake of NCM 523 – a cathode prized for its safety, stability, performance, modest energy density and amenability to being produced from either lithium carbonate or lithium hydroxide precursors.
While NCM 523 has enjoyed a rapid surge in deployment, it has come at the expense of the once-ubiquitous LFP cathode type, which lost 60% of its market share in China between March 2018 and March 2019.”