BYD, backed by Warren Buffett’s Berkshire Hathaway, has gone past LG Energy Solution as the world’s second-largest electric vehicle battery producer, reinforcing China’s dominance of the industry as EV adoption picks up pace globally, reports the South China Morning Post. The Shenzhen-based company, which is also the world’s largest EV maker, now trails domestic rival Contemporary Amperex Technology (CATL), with the two players controlling a combined 52% of the global market, according to South Korea-based SNE Research.
BYD installed 29.4 gigawatt hours (GWh) of batteries between January and April, a jump of 108.3% from 14.1GWh in the same period last year, giving it a market share of 16.1%, according to SNE Research.
It beat LG’s installation volume, which grew 49.3% to 25.7GWh, accounting for 14.1% of the global market. Ningde-based CATL supplied 65.6GWh of batteries, an increase of 55.6% year on year, accounting for 35.9% of the global market.