Lithium consumption for electric vehicles increases by 40% in 2023, with Europe and Americas in the lead

In 2023, the global deployment of lithium carbonate equivalent (LCE) in new passenger EV batteries surged by 40%, reaching 408,214 tonnes according to data from Adamas Intelligence. Europe and the Americas collectively accounted for 40% of this global deployment, with a total of 163,423 tons deployed, marking a 38% increase from the previous year.

Notably, Tesla emerged as the leader in lithium deployment across these continents, deploying 44,757 tonnes of LCE across its S, 3, X, and Y model lineup. This amount was nearly as much as the combined deployment of the next five brands and represented a 34% increase from 2022.

Following Tesla, Volkswagen secured the second position in lithium deployment in the Americas and Europe by deploying 11,750 tonnes of LCE in 2023, a 39% increase year-over-year. Mercedes and BMW followed closely as the third and fourth largest lithium consumers in 2023. Mercedes deployed 10,051 tonnes (a 53% increase from 2022), while BMW’s LCE deployment rose by 54% to 10,016 tonnes. Completing the top five was Volvo, which deployed 1,168 tonnes of LCE in its EVs across Europe and the Americas, marking a 36% expansion from the previous year.

The concentration of lithium deployment was evident as the top five brands accounted for 53% of overall lithium consumption in the regions in 2023, deploying a combined 86,543 tonnes of LCE.

The data from Adamas Intelligence sheds light on the increasing adoption of lithium in new passenger EV batteries, with top brands leading the charge in deployment.