Three South Korean electric vehicle (EV) battery makers accounted for 31% of the global market in the first quarter, but their share has declined since last year amid increased competition from Chinese rivals, a company said on Monday. marketing studies.
The trio – LG Energy Solution, Samsung SDI and SK Innovation – delivered a combined equivalent of 47.8 gigawatt hours (GWh) of EV batteries between January and March, up 127% from the previous year, according to data. by SNE. Research, IANS mentionned.
Their sales of electric vehicle batteries rose sharply, alongside strong demand for battery-powered vehicles from major automakers, but the combined share fell from 37.8% last year as Chinese manufacturers expanded their market share. presence in their territory, the world’s leading market for electric vehicles.
LG Energy Solution, which supplies batteries to EV models from Tesla, Volkswagen and Ford, remained in second place with a 20.5% market share in the first three months of this year, after China’s CATL with 31 , 5%, reports the Yonhap news agency.
The market share of two other Korean manufacturers – Samsung SDI and SK Innovation – stood at 5.2%, placing them in fifth and sixth place respectively, with an extremely fine margin.
“With EV battery technology undergoing rapid changes and increasing competition taking place, Korean battery makers appear to be backing down due to Chinese players,” SNE Research said in a report.
“With CATL in the lead, Chinese battery makers are devouring the global market at an alarming rate and are likely to spark stiffer competition in the EV battery market in the near future.”