BYD surpassed LG in global battery market

In July, BYD surpassed LG Energy Solution Ltd. to take second place in the global electric-car battery rankings, as China's demand for clean vehicles surged.
The Chinese automobile and battery manufacturer supplied 6.4 gigawatt-hours of batteries, following the market leader CATL with 13.3 GWh.

According to data provided by SNE Research, LG Energy fell to third place with 4.4 GWh, followed by Panasonic with 2.9 GWh. According to the data, global battery sales increased by 80% YoY in July to 39.7 gigawatt-hours.

The YTD market share rankings remained constant, with CATL leading with 34.7%, LG Energy second with 14.2%, and BYD third with 12.6%.

High fuel prices encourage drivers to switch to hybrids and battery-powered vehicles, while automakers electrify their fleets. Still, EV manufacturers face problems, with the UK and Germany cutting subsidies, the US attempting to lessen reliance on Chinese minerals and components, and increasing material prices driving up battery costs.

According to Bloomberg, Chinese battery makers appear to be maintaining their pricing power despite tight supply, while China’s battery usage is predicted to nearly double this year due to increasing sales of new-energy vehicles.

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Source: Global market shares battery makers July 2022 | evmarketsreports.com
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