Tesla Inc TSLA and Nio Inc NIO battery-supplier CATL grabbed more than half of China’s power battery market in November, cnEVpost reported, citing the China Automotive Battery Innovation Alliance.
What Happened: China’s largest battery supplier extended its lead to 55% in November, compared with 49.9% in October.
CATL installed 11.45 GWh of power batteries in China last month.
Billionaire investor Warren Buffett-backed BYD Co BYDDY ranked second with 16.6% market share, compared with 20.4% share a month ago. BYD installed 3.46 GWh battery capacity during the month.
See Also: Chinese Consumers' Favorite EV Brand Is Not Tesla Or Nio But This Warren Buffett-Backed Company
Why It Matters: Automakers around the globe are rushing to secure battery supplies as they set steep targets to switch to electric vehicles.
A report by SNE Research in September named CATL as the frontrunner in battery manufacturing for electric vehicles, with a 32.5% global market share. It added that the top ten battery manufacturers in the world are in Asia and that China accounts for 44.1% of the EV battery market.
Besides Tesla and Nio, CATL is also a battery supplier for Volkswagen Ag VWAGY and has recently begun supplying batteries to Ford Motor Co F in China.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
