BYD surpassed LG in global battery market

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.

Get ‘FREE OF CHARGE’ access to this and 350+ other valuable EV Market Reports in our database. Enjoy reading!