Electrification
Visualizing Global EV Production in 2022, by Brand
Global EV Production: BYD Surpasses Tesla
2022 was another historic year for EVs, with annual production surpassing 10 million cars for the first time ever. This represents a sizable bump up from 2021’s figure of 6.7 million.
In this infographic, we’ve used data from EV Volumes to visualize the top 15 brands by output. The color of each brand’s bubble represents their growth from 2021, with the darker shades depicting a larger percentage increase.
Data Overview and Key Takeaways
The raw data we used to create this infographic is listed below. Volume figures for 2021 were included for convenience.
Rank | Company | 2022 | 2021 | Growth from 2021 |
---|---|---|---|---|
1 | 🇨🇳 BYD | 1,858,364 | 598,019 | 211% |
2 | 🇺🇸 Tesla | 1,314,319 | 936,247 | 40% |
3 | 🇩🇪 VW Group | 839,207 | 763,851 | 10% |
4 | 🇺🇸 GM (incl. Wuling Motors) | 584,602 | 516,631 | 13% |
5 | 🇺🇸 🇮🇹 🇫🇷 Stellantis | 512,276 | 381,843 | 34% |
6 | 🇰🇷 Hyundai Motors (incl. Kia) | 497,816 | 348,660 | 43% |
7 | 🇩🇪 BMW Group | 433,164 | 329,182 | 32% |
8 | 🇨🇳 Geely Auto Group | 351,356 | 99,980 | 251% |
9 | 🇩🇪 Mercedes-Benz Group | 337,364 | 281,929 | 20% |
10 | 🇫🇷 🇯🇵 Renault-Nissan-Mitsubishi Alliance | 335,964 | 289,473 | 16% |
11 | 🇨🇳 GAC Group | 287,977 | 125,384 | 130% |
12 | 🇨🇳 SAIC Motor Corp. | 256,341 | 237,043 | 8% |
13 | 🇸🇪 Volvo Cars | 253,266 | 220,576 | 15% |
14 | 🇨🇳 Chery Auto Co. | 253,141 | 107,482 | 136% |
15 | 🇨🇳 Changan Auto Co. | 245,555 | 105,072 | 134% |
16 | 🌎 Other (41 companies) | 1,927,211 | 1,326,262 | 45% |
Includes BEVs and PHEVs
BYD Auto
BYD Auto has leaped past Tesla to become the new EV king, boosting its output by a massive 211% in 2022. Given this trajectory, the company will likely become the world’s first automaker to produce over 2 million EVs in a single year.
BYD has a limited presence in non-domestic markets, but this could change rather quickly. The company is planning a major push into Europe, where it expects to build factories in order to avoid EU tariffs on Chinese car imports.
The company is also building a factory in Thailand, to produce right-hand drive models for markets like Australia, New Zealand, and the UK.
Tesla
Tesla increased its output by a respectable 40% in 2022, staying ahead of Western brands like Volkswagen (+10%) and GM (+13%), but falling behind its Chinese rivals such as Geely (+251%).
Whether these Chinese brands can maintain their triple digit growth figures is uncertain, but one thing is clear: Tesla is facing more competition than ever before.
The company is targeting annual production of 20 million cars by 2030, meaning it will need to keep yearly growth rates in the high double digits for the rest of the decade. To support this initiative, Tesla is planning a multi-billion dollar factory in Mexico capable of producing 1 million cars a year.
Hyundai
Hyundai Motor Company, which also owns Kia, posted a similar growth rate to Tesla. The South Korean automaker was a relatively early player in the EV space, revealing the first Hyundai Ioniq in 2016.
In late 2022, several countries including South Korea expressed their disapproval of the Biden administration’s Inflation Reduction Act, which withdrew tax credits on EVs not produced within the United States.
Hyundai is currently building a $5.5 billion EV factory in the state of Georgia, but this facility will not become operational until 2025. In the meantime, South Korea has revised its own EV subsidy program to favor domestic brands.
Electrification
Visualizing the Supply Deficit of Battery Minerals (2024-2034P)
A surplus of key metals is expected to shift to a major deficit within a decade.

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.
Metric | Lithium (in tonnes LCE) | Nickel (in tonnes) | Cobalt (in tonnes) | Manganese (in tonnes) |
---|---|---|---|---|
2024 Demand | 1,103,000 | 3,440,000 | 230,000 | 119,000 |
2024 Surplus | 88,000 | 117,000 | 24,000 | 11,000 |
2034 Demand | 3,758,000 | 6,082,000 | 468,000 | 650,000 |
2034 Deficit | -572,000 | -839,000 | -91,000 | -307,000 |
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.
Electrification
Visualizing the EU’s Critical Minerals Gap by 2030
This graphic underscores the scale of the challenge the bloc faces in strengthening its critical mineral supply by 2030.

Visualizing EU’s Critical Minerals Gap by 2030
The European Union’s Critical Raw Material Act sets out several ambitious goals to enhance the resilience of its critical mineral supply chains.
The Act includes non-binding targets for the EU to build sufficient mining capacity so that mines within the bloc can meet 10% of its critical mineral demand.
Additionally, the Act establishes a goal for 40% of demand to be met by processing within the bloc, and 25% through recycling.
Several months after the Act’s passage in May 2024, this graphic highlights the scale of the challenge the EU aims to overcome. This data comes exclusively from Benchmark Mineral Intelligence, as of July 2024. The graphic excludes synthetic graphite.
Securing Europe’s Supply of Critical Materials
With the exception of nickel mining, none of the battery minerals deemed strategic by the EU are on track to meet these goals.
Graphite, the largest mineral component used in batteries, is of particular concern. There is no EU-mined supply of manganese ore or coke, the precursor to synthetic graphite.
By 2030, the European Union is expected to supply 16,000 tonnes of flake graphite locally, compared to the 45,000 tonnes it would need to meet the 10% mining target.
Metal | 2030 Demand (tonnes) | Mining (F) | Processing (F) | Recycling (F) | Mining Target | Processing Target | Recycling Target |
---|---|---|---|---|---|---|---|
Lithium | 459K | 29K | 46K | 25K | 46K | 184K | 115K |
Nickel | 403K | 42K | 123K | 25K | 40K | 161K | 101K |
Cobalt | 94K | 1K | 19K | 6K | 9K | 37K | 23K |
Manganese | 147K | 0K | 21K | 5K | 15K | 59K | 37K |
Flake Graphite | 453K | 16K | 17K | N/A | 45K | 86K | N/A |
The EU is also expected to mine 29,000 tonnes of LCE (lithium carbonate equivalent) compared to the 46,000 tonnes needed to meet the 10% target.
In terms of mineral processing, the bloc is expected to process 25% of its lithium requirements, 76% of nickel, 51% of cobalt, 36% of manganese, and 20% of flake graphite.
The EU is expected to recycle only 22% of its lithium needs, 25% of nickel, 26% of cobalt, and 14% of manganese. Graphite, meanwhile, is not widely recycled on a commercial scale.
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