CATL Retains Top Position as World’s Biggest EV Battery Maker
(Bloomberg) -- Contemporary Amperex Technology Co. Ltd. easily maintained its pole position as the world's biggest maker of electric-car batteries as of the end of March with its share edging slighter higher to 35%, according to Seoul-based SNE Research's latest report.
Despite steep rises in raw materials prices, CATL, as the Chinese company is better known, increased its market position from 34.4% at the end of February. South Korea's LG Energy Solution came in second as of March 31 at 15.9%, followed by China's BYD Co. at 11.1%. BYD is also a big maker of both electric and regular automobiles.
Read more: CATL Net Drops as Battery Giant Posts Derivatives Position
Global sales of EV batteries surged around 77% to 41.4 gigawatt hours during March from a year earlier, the SNE data out Monday showed. CATL sold 14.9 gigawatt hours of batteries, versus LG Energy's 7.7 gigawatt hours and BYD's 4.2 gigawatt hours.
Of the top 10 market heavyweights, Panasonic Holdings Corp. was the only one to post a decline in sales, down 3%.
Read more: Panasonic to Spend $5 Billion on EV Batteries, Software
The power of Chinese-based producers shows little sign of abating, SNE said, with all the top six Chinese players, including CATL, posting more than 100% year-on-year sales growth for the period.
©2022 Bloomberg L.P.
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