Jeong-han Park, Gounee Yang

Global Economic News

LG Energy Solution ranked the second in the global electric vehicle (EV) battery cell market in the first 10 months of this year.

According to market research firm SNE Research, LG Energy Solution ranked the second in the global market share of EV (EV, PHEV, HEV, excluding electric buses and electric trucks) batteries sold from January to October this year.

SK On and Samsung SDI ranked the fifth and the sixth, respectively. All the three South Korean companies have showed steady growth.

From January to October this year, the total energy capacity of EV batteries registered in each country was 198.8GWh, up more than 2.2 times year on year.

Many Chinese battery companies, mainly CATL and BYD, showed remarkable growth. As the Chinese market has continued to grow, most Chinese companies’ market share has also risen.

On the other hand, the market share of Japanese companies such as Panasonic and PEVE decreased as their growth rate fell far short of the market average.

The three South Korean companies’ growth rates were similar to or below the market average, and overall market share fell slightly.

LG Energy Solution ranked second with 45.7GWh, up two times year on year.

SK On ranked THE fifth, the same as last year, with a rapid growth of 124.7 percent. SNE Research said “since SK On ranked the sixth last year, it has improved its status to rank the fifth this year. It could be seen as a positive signal.”

Samsung SDI increased 65.5 percent, ranking the sixth.

The growth of the three South Korean companies was led by strong sales of EV models equipped with batteries from those companies. LG Energy Solution’s rapid growth was led by sales of Tesla Model Y (made in China), Volkswagen ID.4, and Ford Mustang Mach-E.