SEOUL, Oct. 5 (Korea Bizwire) — LG Chem Ltd., South Korea’s leading chemical company, topped global electric vehicle (EV) battery sales from January to August, a local market research firm said Monday.
LG Chem accounted for a 25 percent share of the global EV battery market, in which a total of 64.7 gigawatt-hours (GWh) of batteries were supplied during the January-August period, according to SNE Research.
In the first eight months, global automakers used 15.9 GWh of LG Chem batteries. Chinese battery maker CATL came second with a 24 percent market share, followed by Japanese battery firm Panasonic with a share of 19 percent, it said.
Samsung SDI Co. and SK Innovation Co. — two other Korean EV battery makers — ranked fourth and sixth with shares of 6.3 percent and 4.2 percent, respectively, during the eight-month period, it said.
South Korean EV battery makers have seen their market share increase sharply this year helped by robust sales.
LG Chem supplies its batteries to Tesla’s Model 3, Renault Samsung Motors Corp.’s ZOE all-electric car and Porsche’s all-electric Taycan sports car.
Samsung SDI provides its batteries to pure electric models such as Audi’s e-tron SUV and BMW 330e sedan, while SK Innovation supplies its batteries to models like Kia Motors Corp.’s Niro EV.
The overall car battery sales volume fell 9.9 percent in the first eight months compared to a year earlier due to lower demand in the United States and China amid the COVID-19 pandemic.