Visualizing Chinese EV Market Share Overseas

China is the undisputed global powerhouse of the EV industry, leading in both domestic sales and overall production. Chinese brands were responsible for 62% of EV global sales in 2024.

This graphic shows the presence of Chinese electric vehicles in other countries, considering total EV sales and market share.  This data comes exclusively from Rho Motion’s EV Sales Quarterly Outlook, as of 2024.

Affordable EVs

As the global EV market has expanded, in 2024, over 17 million units were sold. Chinese manufacturers have aggressively pursued international opportunities, offering affordable vehicles that often undercut local competitors.

However, market access has varied significantly across regions. The U.S. and Canada are the only markets where Chinese-made EVs have no presence. The U.S. has taken a firm stance against Chinese EVs, imposing a 100% tariff in 2024, and more recently enacting laws banning Chinese technology in EVs on U.S. roads. Given its deep economic ties with the U.S., Canada followed suit with identical tariffs.

Europe, by contrast, has been more open to Chinese EVs but remains cautious about protecting its domestic automotive industry. In 2024, following an anti-subsidy investigation, the EU introduced variable BEV import tariffs on specific Chinese automakers of up to an additional 35.3%.

Meanwhile, in countries without a strong domestic auto industry, Chinese EVs have rapidly gained market share. This is especially evident in neighboring Asian countries and in South and Central America, where Chinese manufacturers are expanding aggressively by beginning to build production capacity and capitalizing on the demand for affordable electric vehicles.

Visualizing the Supply Deficit of Battery Minerals (2024-2034P)

The world currently produces a surplus of key battery minerals, but this is projected to shift to a significant deficit over the next 10 years.

This graphic illustrates this change, driven primarily by growing battery demand. The data comes exclusively from Benchmark Mineral Intelligence, as of November 2024.

Minerals in a Lithium-Ion Battery Cathode

Minerals make up the bulk of materials used to produce parts within the cell, ensuring the flow of electrical current:

• Lithium: Acts as the primary charge carrier, enabling energy storage and transfer within the battery.
• Cobalt: Stabilizes the cathode structure, improving battery lifespan and performance.
• Nickel: Boosts energy density, allowing batteries to store more energy.
• Manganese: Enhances thermal stability and safety, reducing overheating risks.

The cells in an average battery with a 60 kilowatt-hour (kWh) capacity—the same size used in a Chevy Bolt—contain roughly 185 kilograms of minerals.

Battery Demand Forecast

Due to the growing demand for these materials, their production and mining have increased exponentially in recent years, led by China. In this scenario, all the metals shown in the graphic currently experience a surplus.

In the long term, however, with the greater adoption of batteries and other renewable energy technologies, projections indicate that all these minerals will enter a deficit.

For example, lithium demand is expected to more than triple by 2034, resulting in a projected deficit of 572,000 tonnes of lithium carbonate equivalent (LCE). According to Benchmark analysis, the lithium industry would need over $40 billion in investment to meet demand by 2030.

Nickel demand, on the other hand, is expected to almost double, leading to a deficit of 839,000 tonnes by 2034. The surge in demand is attributed primarily to the rise of mid- and high-performance electric vehicles (EVs) in Western markets.