Battery installation in electric vehicles (EVs) worldwide except China grew some 48.8% to approximately 282.9GWh from January to November 2023, according to new data from Korean research body SNE Research.
It said the three big Korean battery makers all ranked within the top five. LG Energy Solution remained top of the list with a 41.7% (78.5GWh) year-on-year growth. SK On took fourth position with 13.7% (30.7GWh) growth, while Samsung SDI came fifth, achieving a 39.8% (28.1GWh) growth.
CATL from China has been rapidly expanding its market share, according to the research, maintaining a high growth momentum of 86.5% (78.4GWh).
It said overall battery usage growth was mainly affected by favourable sales of EVs equipped with batteries of each company.
- Samsung SDI continued its upward trajectory based on the increasing sales of BMW i4/iX and Audi Q8 e-Tron. Decent sales of Rivian R1T/R1S and Fiat 500 also helped.
- SK On recorded growth thanks to solid sales of Hyundai Ioniq 5, Kia EV6, Mercedes EQA/B and Ford F-150 Lightning.
- LG Energy Solution posted the highest growth among the Korean battery makers, supported by favorable sales of Tesla 3/Y, Volkswagen ID Series, and Ford Mustang Mach-E (very popular in Europe and North America).
Japanese company Panasonic registered battery usage of 40.1GWh, a 28.3% year-on-year growth, said SNE. Panasonic, one of the major battery suppliers to Tesla, has most of its battery usage installed in Tesla models in North America, it said. The Tesla Model 3 experienced a temporary slowdown in sales when the facelift model was about to be sold in the market, but the Model Y has driven the growth of Panasonic sales from the same period of last year, it said.
As the IRA strengthened the requirements for tax credits granted for electric vehicles in 2024, the number of EV models eligible for US IRA tax credits reduced from 43 to 19 models. It is expected to tighten further.
Korea is highly dependent on Chinese imports of precursor and minerals, SNE noted.
Image: Global EV and battery monthly tracker – Dec 2023, SNE Research
