LG Energy Solution ranks second in EV battery market in Jan.-Nov. period

All News 08:24 December 31, 2020

SEOUL, Dec. 31 (Yonhap) -- South Korean battery maker LG Energy Solution Ltd. was the second-biggest supplier of electric vehicle (EV) batteries in the first 11 months of the year following China's CATL, a market research firm said Thursday.

LG Energy Solution, which spun off from LG Chem Ltd. earlier this month, shipped 26.4 gigawatt-hour (GWh) equivalents of EV batteries in the January-November period, accounting for 22.6 percent of the global market, according to the data by SNE Research.

China's CATL supplied 24.4 GWh equivalents of EV batteries over the period, maintaining its leading position with a 24.2 percent share, the Seoul-based researcher said.

Japan's Panasonic took third place with a 19.2 percent share, it said.

The world's top three industry players supply lithium-ion batteries to Tesla, the world's No. 1 EV maker.

Samsung SDI Co. and SK Innovation Co. were in fourth and fifth place, respectively.

The combined market share by the three Korean battery makers doubled to 33.9 percent compared with a year ago, led by robust demand for battery-powered vehicles.

Samsung SDI provides its batteries to pure electric models by Audi and BMW, while SK Innovation teams up with Kia Motors and Mercedes Benz.