China’s CATL extends lead as world’s top EV battery maker

SEOUL: Contemporary Amperex Technology Co. Ltd.’s share of the electric-vehicle battery market continues to grow, according to the latest data from Seoul-based SNE Research, which show the Chinese company accounted for 37.1% of global sales in the first 11 months of 2022.

CATL sold a total of 165.7 gigawatt-hours of batteries in the January-November period, almost three times as much as second-placed BYD Co., another Chinese battery maker.

South Korea’s LG Energy Solution slipped to third, SNE said in a report published today.

CATL’s market share was about 35% in the first 10 months of last year. The Fujian-based company supplies carmakers including Volkswagen AG, Geely automobile Holdings Ltd., Nissan Motor Co. and Tesla Inc., which delivered fewer EVs than expected last quarter, despite offering some price cuts.

Total sales of EV batteries climbed 70% to 57.2 GWh in November from a year earlier, driven by EV sales growth in major markets, especially China, according to SNE.

China’s retail sales of new-energy vehicles, which include pure battery electric cars and hybrids, rose 58% in November to 598,000 units, the Passenger Car Association said last month.