South Korea's major electric vehicle battery producers sharply increased their market share in September amid a slowdown in global EV battery use, industry data showed Friday.
Based on the global usage of their EV batteries, the combined market share of three South Korean EV battery makers -- LG Chem Ltd., Samsung SDI Co. and SK Innovation Co. -- stood at 16 percent in September, up 6.8 percentage points from a year earlier, according to data from market tracker SNE Research.
LG Chem was the third-best performer in the world with a 10.7 percent market share after 1 gigawatt-hour of its EV batteries was used in September, up 69 percent from a year earlier.
Samsung SDI was sixth on the list with 3.8 percent market share after the global usage of its EV batteries surged 37.9 percent on-year, while SK Innovation was ranked ninth with 1.5 percent market share following a 33.7 percent on-year increase in the usage of its EV batteries in September.
Such strong performance from South Korean firms came despite a fall in global EV battery usage. According to SNE Research, global EV battery usage fell for a second straight month after only 10 GWh of EV batteries were used in September, down 10.5 percent from a year earlier.
A slump by Chinese battery makers, apparently hit by Beijing's subsidy cut on EVs, prompted the drop in the global market, according to SNE Research. BYD saw the usage of its EV batteries plunge 71.2 percent on-year in September, while CATL reported a
10.2 percent on-year fall. Japan's Panasonic was the No. 1 player in September with 37.1 percent market share after the usage of its EV batteries jumped 15.6 percent on-year to 3.7 GWh. (Yonhap)