Chinese competitors continue to push other manufacturers of traction batteries for electric vehicles: last year they managed to increase their market share from 48.2 to 60.4%, and six companies from China registered in the top ten of the industry. At the same time, the top three South Korean manufacturers reduced their total share from 30.2% to 23.7%. Even under such conditions, two of the Korean manufacturers were able to significantly increase revenue and operating profit.
Image Source: LG Energy Solution
New statistics published by the SNE Research agency, the corresponding data is provided by the South Korean edition of Business Korea. The second place in the world ranking is still occupied by LG Energy Solution, but its share has decreased from 19.7% to 13.6% over the year. At the same time, the company was able to increase revenue by 43% to $20.3 billion, while operating profit increased by 58%. The fourth quarter of last year was especially successful for LG Energy Solution, as it increased the company’s revenue by 92% at once. By that time, a joint venture with General Motors began to issue products in the United States. Since the Korean supplier is similarly cooperating with Hyundai Motor, Honda Motor and Stellantis, it will definitely not be left without orders in the near future. In fact, LG Energy Solution already has a $300 billion order book. Last year, the company managed to produce traction batteries with a total capacity of 70.4 GWh, increasing production by 18.5%.
SK On (SK Innovation) ranked fifth last year, its market share shrank from 5.7% to 5.4%, although production volumes increased by 61.1% in terms of capacity. Revenue increased 150% to $6 billion, but ended the year with an operating loss due to high spending on building new facilities and scaling up traction battery production. The company is building factories in the US, Hungary and China, hoping to break even next year.
Samsung SDI was content with last year’s sixth place and a share of no more than 4.7%, which decreased by 0.1 percentage points. The company’s revenue jumped 48% to $16 billion, while operating profit rose 69%. Samsung SDI estimates that the EV traction battery market will grow by 40% this year. Last year, it increased the output of traction batteries by 68.5%.
China’s CATL continues to lead the global market, nearly doubling its battery output last year to 191.6 GWh. Its market share grew from 33% to 37%. The top five also includes the Chinese BYD, which last year was able to increase battery output by 167.1% to 70.4 GWh, its share as a result increased from 8.7 to 13.6%. Rounding out the top ten are four Chinese companies: CALB, Gotion, Sunwoda and Farasis. Last year, they were able to increase the production of traction batteries by two to three times each.
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