SEOUL, June 16 (Korea Bizwire) — SK Innovation Co., South Korea’s leading refiner and chemical company, overtook domestic rival Samsung SDI Co. to become the fifth-largest supplier of electric vehicle (EV) batteries for the first time, data showed Tuesday.
Based on the global usage of EV batteries, SK Innovation’s market share stood at 3.5 percent in April, up from 2.1 percent a year earlier, according to market tracker SNE Research.
In comparison, Samsung SDI’s market share edged down to 3.4 percent in April from 3.5 percent a year earlier.
The use of Samsung SDI’s EV batteries declined 41.1 percent in April from a year earlier as sales of European cars powered by Samsung SDI’s EV batteries dropped due to coronavirus lockdowns.
The use of SK Innovation’s EV batteries edged down by a smaller clip of 2 percent over the cited period due largely to a recovery of sales of China’s Arcfox-branded electric vehicle.
SNE Research said LG Chem Ltd., South Korea’s leading chemical firm, came in second with an 18.2 percent share in the EV battery market in April, up from 10.2 percent a year earlier.
China’s CATL was the No. 1 player in April with a 34.9 percent market share, up from 28.3 percent a year earlier.