Jun 12, 2024 06:21 PM

CATL Overtakes LG as Top EV Battery Supplier for Markets Outside China

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Contemporary Amperex Technology Co. Ltd. (CATL) (300750.SZ) has stolen LG Energy Solution Ltd.’s crown as the biggest supplier of electric vehicle (EV) batteries in markets outside China for the first four months of 2024.

Fujian province-based CATL’s share of non-China markets rose to 27.4% of installed capacity, up from 26.9% during the same four months in 2023, according to a report published Monday by Seoul-based consultancy SNE Research. South Korea-based LG Energy Solution’s share of installed capacity slipped to 25.7% for the period.

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* CATL surpassed LG Energy Solution as the largest EV battery supplier outside China for the first four months of 2024, with a 27.4% market share.
* CATL's installed capacity grew by 16.2% year-on-year to 27.7 GWh, driven by robust sales in several EV models including Tesla's Model 3 and Model Y.
* Chinese manufacturers, including BYD and CALB, showed significant growth but face regulatory obstacles in the EU and U.S. aiming to limit Chinese EV imports.

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Who’s Who

Contemporary Amperex Technology Co. Ltd. (CATL): Contemporary Amperex Technology Co. Ltd. (CATL) is based in Fujian province and has become the largest supplier of EV batteries in markets outside China for the first four months of 2024. CATL achieved a market share of 27.4% due to a 16.2% year-on-year increase in installed battery capacity, notably in EV models like Tesla’s Model 3 and Model Y.

LG Energy Solution Ltd.: LG Energy Solution Ltd., a South Korea-based company, saw its share of the non-China EV battery market decline to 25.7% in the first four months of 2024, down from its previous leading position. Despite facing competitive pressure from CATL, it's part of the "K-trio" battery-makers, which collectively controlled 46.7% of the non-China market.

Samsung SDI Co. Ltd.: Samsung SDI Co. Ltd. achieved the highest year-on-year growth among the top five EV battery suppliers in non-China markets, with a 33.1% increase from January to April 2024. Its growth contributes to the significant presence of Korean battery-makers, collectively known as the "K-trio," which controlled 46.7% of the non-China market during this period, according to SNE Research.

BYD Co. Ltd.: BYD Co. Ltd. ranked sixth in non-China EV battery markets for the first four months of 2024, with a 3.9% market share. The company achieved a 164.8% year-on-year increase in installed capacity during this period, indicating significant growth and posing a competitive threat to other players in global markets.

CALB Group Co. Ltd.: CALB Group Co. Ltd. was the fastest-growing EV battery brand in the top 10 for the first four months of 2024, with its installed capacity surging over 500% year-on-year in non-China markets. This significant growth boosted its market share to 1.8%, up from 0.3% a year ago.

SK On Co. Ltd.: The article mentions SK On Co. Ltd. as part of the "K-trio" battery-makers, alongside LG Energy Solution and Samsung SDI. Collectively, these three companies controlled 46.7% of the non-China electric vehicle battery market in the first four months of 2024.

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