Home Brand Story BYD overtakes LG as the world’s second-largest EV battery supplier with 16.2% market share

BYD overtakes LG as the world’s second-largest EV battery supplier with 16.2% market share

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BYD overtakes LG as the world’s second-largest EV battery supplier with 16.2% market share

According to the latest report released by the Korean market research organization SNE Research, BYD has surpassed LG Energy Solution and ranked second with a market share of 16.2%.

According to the report, CATL continues to hold the No. 1 position in the electric vehicle battery industry, supplying Tesla Model 3, Model Y and other passenger car models, and its market share has reached 35%.

This means that in the list of global electric vehicle battery suppliers, China’s CATL and BYD occupy the top two places.

The report shows that the total global electric vehicle battery consumption in the first quarter was 133.0 GWh, an increase of 38.6% from 95.9 GWh in the same period last year.

The report data is as follows:

 CATL installed 46.6 GWh of batteries in the first quarter, an increase of 35.9% from 34.3 GWh in the same period last year.

 BYD installed 21.5 GWh of power batteries in the first quarter, an increase of 115.5% from 10.0 GWh in the same period last year.

 LG Energy Solution installed 19.3 GWh of power batteries from January to March, a year-on-year increase of 37.5%. It ranked third in the world with a 14.5 percent share, down from 14.6 percent a year ago.