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S. Korean, Japanese EV battery makers lose market share to Chinese rivals
The global market shares of South Korea's three electric vehicle (EV) battery makers LG Energy Solution, Samsung SDI Co., and SK Innovation Co dropped in the first two months of the year despite increases in shipments due to their Chinese rivals' big advances.
LG Energy Solution Ltd. shipped 4.8 GWh equivalents of EV batteries, up 45.8 percent from last year, but its global market share plunged from 26.6 percent to 19.2 percent over the cited period, with its ranking slipping from first to second.
Fifth-ranked Samsung SDI Co.'s shipments surged 23.8 percent to 1.3 GWh during the two months. Yet its market share dropped o 5.3 percent from 8.6 percent.
SK Innovation Co., which placed sixth worldwide, shipped 1.3 GWh equivalents of EV batteries, up 69 percent from a year earlier. But its global market share inched down to 5 percent from 6 percent.
Japan's Panasonic suffered the same fate as its South Korean counterparts, shipping 4.3 GWh, up 54.4 percent from a year earlier, but saw its market share plunging from 22.5 percent to 17.2 percent.
China's CATL captured the number one spot by supplying 8 GWh, which was up 272 percent from a year earlier. Its market share soared to 31.7 percent from 17.3 percent.
Shipments by Chinese maker BYD soared 401.8 percent on-year to 1.8 GWh in the two months, ranking fourth worldwide. Its market share surged from 2.8 percent to 7 percent.
In February, the global supply of EV batteries reached 11.2 GWh, down 108.8 percent from a year earlier, according to the Seoul-based market researcher.
Worldwide consumption of EV batteries stood at 25.2-gigawatt hours (GWh) in the January-February period, up 102.4 percent from a year earlier, according to SNE Research.