Tesla Inc TSLA and Nio Inc NIO battery supplier Contemporary Amperex Technology Co., Ltd (CATL) installed 10.81 GWh of power batteries in China in March, grabbing 50.49% market share, CnEVpost reported on Tuesday, citing China Automotive Battery Innovation Alliance (CABIA).
What Happened: Ningde, China-based CATL in February had a market share of 48.02%, down from 50.24% in January, with 6.57 GWh of installed capacity.
China’s power battery installed base in March more than doubled on a year-on-year basis to 21.4 GWh, CABIA data showed.
China’s largest battery supplier CATL was miles ahead of Warren Buffett-backed BYD Co BYDDY, whose market share slipped to 19.24% in March from 21.24% in February.
Why It Matters: Electric vehicle battery makers including China’s CATL and South Korea’s LG Energy Solutions are setting steep targets to cater to growing demand amid a green push by global automakers.
A report by SNE Research in September named CATL as the frontrunner in battery manufacturing for EVs, with a lion’s share of the global market. It added that the top ten battery manufacturers in the world are in Asia and China accounts for 44.1% of the EV battery market.
Price Action: Tesla stock closed 4.8% lower at $975.9 a share on Monday.
Photo courtesy: CATL
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.