In the first eight months of this year, China’s Contemporary Amperex Technology (CATL) closed most of the gap with the top supplier of electric vehicle (EV) batteries in markets outside China, South Korea’s LG Energy Solution, reports Caixin. Fujian province-based CATL’s batteries leapt to a 27.7% of installed capacity in non-China markets over the period from a 20.8% share at the start of 2023. That narrowed the lead of the market’s top supplier, LG Energy Solution, whose share inched up to 28.5%, according to a report published Friday by Seoul-based consultancy SNE Research.
CATL’s gain was made possible by its 111% year-on-year jump in the amount of EV batteries installed from January to August 2023, according to the report. The jump was the highest among the top five suppliers in markets outside China, with LG Energy Solution logging a 60% year-on-year increase over the period.
CATL’s growth in installed capacity was largely attributable to the robust sales of several EV models equipped with its batteries, including Tesla’s Model 3, Mercedes-Benz AG’s EQS, AB Volvo’s XC40 Recharge and SAIC Motor Corp’s MG4, the report said.