SEOUL, May 7 (Korea Bizwire) — LG Chem Ltd., South Korea’s leading chemical firm, overtook Japan’s Panasonic to become the largest supplier of electric vehicle (EV) batteries for the first time, data showed Thursday.
Based on the global usage of EV batteries, LG Chem’s market share stood at 27.1 percent in the first quarter, up from 10.7 percent from a year earlier, according market tracker SNE Research.
The data showed that 5.5 gigawatt-hours (GWh) worth of LG Chem’s EV batteries was used in the first quarter, compared with 2.5 GWh from a year earlier.
SNE Research attributed the hike to robust sales of the Tesla Model 3, the Renault Zoe EV and the Audi e-tron EV, which are powered by LG Chem’s EV batteries.
The combined market share of LG Chem and two other South Korean EV battery makers — Samsung SDI Co. and SK Innovation Co. — rose to 37.5 percent in the first quarter from 16.4 percent from a year earlier.
Samsung SDI was fourth on the list with a 6-percent market share, while SK Innovation ranked seventh with 4.5 percent.
China’s CATL was the No. 3 player in the first quarter with a 17.4 percent market share, down from 23.4 percent from a year earlier.