LG Chem and SK Innovation expand their market shares in automotive batteries
10. June 2020Market observers from SNE Research included the two South Korean companies in a list of the ten largest vehicle battery manufacturers in the world. While SK Innovation’s total production, measured in megawatt hours, declined slightly by 2 percent from 193 MWh to 189 MWh, LG Chem increased by 6.9 percent from 924 MWh to 988 MWh.
The growth at LG Chem, South Korea’s number one in the production of automotive batteries, resulted from the good sales figures of the Tesla Model 3. LG Chem was one of only two companies that were able to show positive growth in April 2020 compared to the previous year. Sales of competitor Samsung SDI fell by 41 percent in the same period. Samsung SDI has many customers in Europe, including BMW. Their production facilities suffered greatly from the lockdown due to the corona virus and had to close down temporarily or stop production.
In a global comparison of market shares for April 2020, Chinese CATL was in first place with around 35 percent, followed by LG Chem with 18 percent and fifth place SK Innovation with 3.5 percent. Calculated for the entire period from January to April 2020, LG has the largest market share with 25.5 percent, SK Innovation is in seventh place with 4.2 percent.
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