SEOUL, July 29 (Korea Bizwire) — Three South Korean electric vehicle (EV) battery makers accounted for a third of the global market in the first half of the year, but they are facing toughening competition with Chinese rivals, a market research firm said Thursday.
The trio — LG Energy Solution Ltd., Samsung SDI Co. and SK Innovation Co. — accounted for 34.9 percent of the global EV battery market in the first six months of this year, slightly up from 34.5 percent a year ago, according to the data from SNE Research.
LG Energy Solution, which supplies batteries for EV models by Tesla, Volkswagen and Ford, stayed in second place with a 24.5 percent market share over the period, following China’s CATL with 29.9 percent.
Two other Korean makers — Samsung SDI Co. and SK Innovation Co. — came in fifth and sixth, respectively, with a razor thin margin.
Their sales of EV batteries sharply rose in line with solid demand for battery-powered vehicles by major automakers, but they are facing intensifying competition with Chinese manufacturers that have expanded their presence on their home turf, the world’s top EV market.
“Global competition is intensifying as the Chinese EV market is expanding and Chinese manufacturers are making aggressive forays into the European market,” SNE Research said in a report.
“The Korean trio needs to realign their market strategy and enhance battery technologies.”