SEOUL, Oct. 30 (Korea Bizwire) — LG Chem Ltd. was the world’s biggest supplier of electric vehicle (EV) batteries in the first nine months of this year thanks to robust demand from global automakers, a market research firm said Friday.
South Korea’s largest chemical company accounted for a 24.6 percent share of the global EV market in the January-September period, with 19.9 gigawatt-hours (GWh) of battery production capacity, according to SNE Research.
China’s CATL came next with a 23.7 percent share, and Japan’s Panasonic took third place with 19.5 percent.
The Korean firm’s local peers, Samsung SDI Co. and SK Innovation Co., were in the fourth and sixth place, respectively.
The combined market share of the three Korean battery makers more than doubled to 35.1 percent in the first three quarters compared with a year ago, propelled by solid demand for the EV lineup, it said.
LG Chem supplies its batteries to Tesla, the world’s No. 1 EV maker, as well as Renault Samsung Motors and Porsche.
Samsung SDI provides its batteries to pure electric models by Audi and BMW, while SK Innovation teams up with Kia Motors and Mercedes Benz.
LG Chem is set to spin off the battery business in December to further solidify the leading market position. Its shareholders approved the hive-off plan earlier in the day.