Three South Korean companies capture 31% of global EV battery market in Q1
Three South Korean electric vehicle (EV) battery makers accounted for 31 percent of the global market in the first quarter, but their share has slipped since last year in the face of toughening competition with Chinese rivals, a market research firm said on Monday.
The trio — LG Energy Solution, Samsung SDI and SK Innovation– supplied a combined 47.8 gigawatt-hour (GWh) equivalents of EV batteries in the January-March period, up 127 percent from a year earlier, according to the data by SNE Research.
Their sales of EV batteries sharply rose in line with solid demand for battery-powered vehicles by major automakers, but the combined share declined from last year’s 37.8 percent as Chinese manufacturers expanded their presence on their home turf, the world’s top EV market.
