LG Energy Solution Ranks 2nd Amid Chinese Battery Offensive... SK Innovation Maintains 5th with Aggressive Investment

July Cumulative Battery Usage Rankings: 1st CATL (China)
2nd LG Energy Solution, 5th SK Innovation, 6th Samsung SDI
Strong Growth of Chinese Companies... Domestic 3 Firms Need to Explore New Opportunities

[Asia Economy Reporter Hwang Yoon-joo] As of cumulative data in July this year, China's CATL maintained its position as the global leader in battery usage for electric vehicles (EV, PHEV, HEV), with LG Energy Solution ranking second. SK Innovation held onto fifth place through July, continuing its position from the first half of the year. Aggressive investments and order activities suggest they are solidifying their place in the top 5.

According to SNE Research on the 1st, the total battery energy capacity of electric vehicles registered worldwide from January to July this year reached 137.1 GWh, a 2.4-fold increase compared to the same period last year.

Chinese companies have shown steady growth, continuously expanding the battery market size. In contrast, Japanese companies, including Panasonic in third place, fell significantly below the market average growth rate, with most experiencing a decline in market share. Among the three domestic companies, growth rates showed some mixed trends compared to the market average, but overall, their market shares slightly decreased.

LG Energy Solution recorded 33.2 GWh, a 2.5-fold surge compared to the same period last year, but its ranking dropped one notch to second place.

SK Innovation saw a 147.8% increase, rising one rank to fifth place. The steady upward trend of SK Innovation has gained wider attention.

Samsung SDI increased by 86.9% to 7.0 GWh but dropped two ranks to sixth place compared to the same period last year.

The growth of the three companies is attributed to increased sales of models equipped with their batteries. LG Energy Solution's rapid growth was driven mainly by strong sales of Tesla Model Y (China-made), Volkswagen ID.4, and Ford Mustang Mach-E. SK Innovation's surge was led by increased sales of Kia Niro EV, Hyundai Ioniq 5, and Kona Electric (Europe). Samsung SDI's growth was supported by increased sales of Fiat 500, Audi E-tron EV, and SEAT Leon PHEV, but a sharp decline in Volkswagen e-Golf sales significantly offset the overall growth.

Global electric vehicle battery usage in July reached 22.6 GWh, doubling compared to the same month last year. The electric vehicle battery market, which was hit by the COVID-19 pandemic in 2020, has continued its recovery for 13 consecutive months. Major markets including China, the United States, and Europe all saw increases, with many Chinese companies leading market growth with triple-digit increases.

SNE Research analyzed, "The offensive by Chinese companies led by CATL and BYD is unlikely to subside anytime soon, making the future outlook for the three domestic companies somewhat uncertain."

This content was produced with the assistance of AI translation services.