From January to September this year, China-based CATL's power battery installed capacity surpassed that of South Korean power battery company LG Chem, ranking first in the world, according to a new report.
From January to September this year, CATL's power battery installed capacity was 19.2GWh, accounting for 23.1% of the total power battery installed capacity (83GWh). LG Chem ranked second with 18.9GWh installed capacity (22.9% of total installed capacity), according to a recent report by market tracking firm SNE Research.
CATL is the battery supplier of Chinese EV maker NIO, which established the Wuhan Weineng Battery Asset Co on August 18 with CATL, Guotai Junan Securities, and Hubei Science and Technology Investment Group Co to manage battery assets.
In the first nine months of this year, Panasonic of Japan ranked third with 17.6GWh of installed capacity, accounting for 21.2% of the total installed capacity.
Samsung SDI and SK Innovations ranked fourth and fifth with 5.1GWh (6.2%) and 4.6GWh (5.5%), respectively.
According to SNE Research, CATL, LG Chem, and Panasonic together accounted for approximately 67% of the market share in the first nine months of this year.
LG Chem and CATL are battling for the top position in the global electric vehicle battery market.
This year, LG Chem has been making vigorous efforts. LG Chem spun off its battery business in order to vigorously develop its battery business, seize the growth opportunity of electric vehicle batteries, and increase the value of the company and its shareholders.
Tesla does not select CATL as China-made Model Y battery supplier, report says
The company officially spun off its battery business as of December 1 this year and established a new company, tentatively named "LG Energy Solutions", to focus on the battery business. After the spin-off, LG Chem will hold 100% of the equity in the new company.
LG Chem is one of Tesla's top battery suppliers. Initially, Tesla will use LG Chem's batteries in the Model 3 and later in the Model Y produced at its Shanghai super factory.
In November of this year, LG Chem signed an agreement with Tesla to supply batteries for the Model Y produced at the Shanghai Super Factory.
LG Chem plans to more than double the capacity of its factory in China that makes batteries for Tesla to meet growing demand from Tesla's Chinese business, Sina said Tuesday, citing people with knowledge of the matter.
LG Chem is one of the battery suppliers to Tesla's Shanghai factory, and the company also plans to supply additional batteries it produces in China and South Korea to Tesla's factories in Germany and the US, the report said.
LG Chem said to more than double capacity in China to meet Tesla's battery needs
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