SEOUL, 01 Feb. (Yonhap) – Three South Korean manufacturers of electric vehicle (EV) batteries accounted for more than a third of the global market last year, highlighting their strengthened presence in the growing sector, the company said. market research firm SNE Research.
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The three companies, namely LG Energy Solution Ltd., Samsung SDI Co. and SK Innovation Co., supplied a combined 49.4 gigawatt hour (GWh) of batteries in 2020, or 34.7% of the total, according to data from SNE Research.
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Their combined share more than doubled from 16% in 2019 thanks to strong EV sales.
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LG Energy Solution, which was separated from LG Chem Ltd. in early December last year, shipped 33.5 GWh of EV batteries last year to account for 23.5% of the total, becoming the world’s second-largest manufacturer just behind China’s CATL with market share by 24%.
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Japan’s Panasonic fell a notch to third place with an 18.5% share, followed by China’s BYD with 6.7%.
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Samsung SDI Co. and SK Innovation were ranked fifth and sixth, respectively.
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“The three South Korean companies posted double-digit growth last year to significantly increase their market share,” SNE Research said in a report. “Their growth is attributable to increased sales of EVs equipped with our batteries.”
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LG Energy Solution supplies EV batteries to industry leader Tesla, as well as electric cars from Renault and Volkswagen.
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Samsung SDI supplies batteries for fully electric models from Audi and BMW while SK Innovation cooperates with Hyundai Motor and Kia.
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