LG Energy Solution, World's No.1 Electric Vehicle Battery Supplier Excluding China
Korean Top 3 Companies Hold 55.6% Market Share... Securing Top 5 Position
[Asia Economy Reporter Oh Hyung-gil] LG Energy Solution has been recorded as the largest supplier of batteries for electric vehicles sold worldwide, excluding China, in the first quarter.
According to SNE Research on the 10th, the amount of electric vehicle battery energy registered in countries around the world, excluding China, reached 42.5 GWh in the first quarter, a 54.1% increase compared to the previous year.
LG Energy Solution achieved the top market share again this year with 13.9 GWh, a 59.9% increase from the previous year. Japan's Panasonic followed with 9.3 GWh, up 14.4%, and Chinese company CATL ranked third with 7.1 GWh, growing 127% even in markets outside China.
SK On and Samsung SDI ranked fourth and fifth respectively. SK On recorded 6.2 GWh, up 139.6%, and Samsung SDI recorded 3.5 GWh, up 25.3%.
The combined market share of the three domestic companies rose from 51.1% in the same period last year to 55.6%.
SNE Research explained that the growth of the three domestic companies is due to strong sales of models equipped with their batteries.
LG Energy Solution's high growth was driven by surging sales of the Volkswagen ID.4, Tesla Model 3 (China-made), and Ford Mustang Mach-E. SK On saw strong sales of the Hyundai Ioniq 5, Kia Niro BEV, and EV6, while Samsung SDI benefited from increased sales of the Fiat 500, Ford Kuga PHEV, and Jeep Wrangler PHEV.
Chinese companies also showed explosive growth. CATL saw a rapid increase in pure electric vehicle sales, including the Tesla Model 3 (China-made European export volume), Mercedes-Benz EQA, and BMW iX3. Sunwoda also secured a spot in the global top 10 due to increased demand for the Dacia Spring Electric from the European Renault Group.
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An SNE Research official said, "The offensive of Chinese companies, which are continuously increasing their market share, will continue to grow," adding, "In response to rising battery material prices and semiconductor supply issues, it is urgent for the domestic industry to take active and strategic measures to secure materials."
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