At its launch, the BYD Blade got head spinning, its structure and performance are spectacular. But the blade battery exists in a world where there is a high adoption rate for electric vehicles. This high demand makes the EV battery production market very competitive.
But the Chinese EV maker is showing its strength and resolution by maintaining a top spot in the industry. For the last two months, BYD has kept its feet firmly in second place in EV battery production. This means that it has displaced LG Energy to attain second place.
Currently, the global EV battery market shares of the Chinese EV manufacturer are at 15.9%. This is against the 12.5% of its closest rival, LG Energy. The growth of BYD’s share in the market is impressive because last year they were sitting under the likes of LG and Panasonic.
With the competition below them, BYD now sits below CATL which has a share of 33.9%. Reaching CATL will call for serious hard work in the alert of the current second place in the global EV battery market. The growth of BYD to second place might be due to a cut in Tesla production.
Yes, LG Energy is one of the big suppliers of batteries to Tesla. A drop in the production of Tesla vehicles would mean a drop in the shares or profit of the LG battery business. But, due to its safe build, a lot of manufacturers are welcoming a switch to the Blade batteries, hence surging its production.