Contemporary Amperex Technology Co. Ltd.’s (CATL) share of non-China markets rose to 27.4% of installed capacity in the first four months of 2024, according to a report from SNE Research, replacing LG Energy Solution as the biggest supplier of electric vehicle (EV) batteries in markets outside China, reports Caixin. The Fujian province-based company’s non-China market share went up from 26.9% during the same four months in 2023. South Korea-based LG Energy Solution’s share of installed capacity slipped to 25.7% for the period.
CATL’s gain was made possible by its 16.2% year-on-year increase to 27.7 GWh in the amount of EV batteries installed from January to April 2024, according to the report. The jump was the second highest among the top five suppliers in markets outside China, with Samsung SDI logging the highest year-on-year growth of 33.1% over the period.
CATL’s growth in installed capacity was largely due to the robust sales of several EV models equipped with its batteries, including the Tesla Model 3 and Model Ys that are assembled in China and exported to Europe, North America and Asia. Other auto brands that used CATL batteries included BMW AG, Mercedes-Benz AG, Volvo AB, SAIC Motor’s MG and Hyundai Motor, the report said.