Citi Research analysts reported a surge in demand for Battery Electric Vehicles (BEV) in May, with a 46% increase compared to the previous year. The primary drivers of demand growth were Europe and North America, experiencing respective year-on-year rises of 59% and 50%. In contrast, China's growth was more modest, reaching 35%.
Global BEV sales rose 46% in May, to 733k, up 11% MoM as all regions experienced rising volumes. The 59% YoY growth in Europe was supported by new product launches as the EU’s global share increased 200bp to 23%. Chinese market share was 56%, down from 60% last year. Sales growth in the US was 50% and global share was 14%.
May volumes of NMC-type cathode material increased 40% in kWh, led by NMC (811) with a 63% YoY increase. NMC (712) and (622) grew 55% and 19% respectively.
For cell manufacturing, BYD (SZ:002594) delivered both the greatest percentage and absolute volume increase of the major players (93% YoY, 43% MoM). CATL volumes rose 57% YoY. LG Energy Solutions increased vols in EVs by 55% (26% MoM) whilst Samsung (KS:005930) SDI vols increased 77% and 17% at SK On. Overall, Chinese cell producers’ market share was broadly stable at c63%.