Korea's LG Energy Solution topped car battery market in May, surpassing Chinese CATL

Seoul [South Korea], July 20 (ANI/Global Economic): LG Energy Solution overtook CATL and topped in the global battery for electric vehicles market in May this year.
Samsung SDI and SK Innovation ranked 5th to 6th, and all three Korean companies have shown steady growth.
According to SNE Research, a market research firm, the total battery energy of electric vehicles (excluding EV, PHEV, HEV electric buses and electric trucks) registered in the world in May was 19.7GWh. It increased more than 3.3 times compared to the previous year.
The electric vehicle battery market had been contracted by the COVID-19 crisis in the first half of last year, but it has recovered steadily for 11 months. The recovery trend is expected to continue for the time being.
Many Chinese companies, including CATL and BYD, showed outstanding performances. With the continued market expansion in China, most Chinese companies increased their market share.
On the other hand, the growth rate of most Japanese companies including Panasonic fell short of the market average, and the market share also decreased.
The three Korean companies showed unstable growth compared to the market average, but LG Energy Solution's rapid growth led to an increase in overall market share.
LG Energy Solution jumped 3.7 times to 5.7GWh and ranked No. 1 again in the market that it gave to CATL in April.
Samsung SDI increased by more than 2.6 times to 1.0GWh, but its ranking fell from 4th to 5th year-on-year.
SK Innovation showed growth of more than 3.1 times and maintained its 6th place.
The growth of the three companies is affected by the sales of EV models equipped with their batteries. LG Energy Solution recorded high growth as sales of Tesla Model Y (made in China), Volkswagen ID.4 and Skoda ENYAQ increased. The sales increase of Fiat 500 and Audi e-tron EV led Samsung SDI's growth. SK Innovation's market share increased significantly with the increased sales of Kia Niro EV and Hyundai IONIQ 5. (ANI/Global Economic)