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Supercharged BYD overtakes LG as world’s No 2 EV battery supplier as electrification drive quickens

  • BYD’s installed battery capacity jumped 108.3 per cent to 29.4GWh between January and April, compared with a 49.3 per cent growth to 25.7GWh at LG Energy Solution
  • China’s CATL continued to dominate the sector, accounting for 35.9 per cent of the global EV battery market

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Members of the press and the general public check out the Atto 3 electric SUV made by Chinese carmaker BYD, at the Fully Charged Live electric vehicle trade show in Farnborough, Britain, on April 28, 2023. Photo: Reuters
Daniel Renin Shanghai
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.
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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 per cent 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 per cent from 14.1GWh in the same period last year, giving it a market share of 16.1 per cent, according to SNE Research.

It beat LG’s installation volume, which grew 49.3 per cent to 25.7GWh, accounting for 14.1 per cent of the global market. Ningde-based CATL supplied 65.6GWh of batteries, an increase of 55.6 per cent year on year, accounting for 35.9 per cent of the global market.

New energy vehicles are assembled at BYD’s plant in Xian, Shaanxi province. Photo: Xinhua
New energy vehicles are assembled at BYD’s plant in Xian, Shaanxi province. Photo: Xinhua

“BYD’s increasing market share in the EV battery business was within expectations, because more carmakers are convinced of their products’ quality,” said Davis Zhang, a senior ­executive at Suzhou Hazardtex, a supplier of specialised vehicle batteries. “China will continue to play a leading role in expanding EV battery capacity around the world.”

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