Tesla Supplier CATL Commands Two-Fifths Of Global EV Battery Market — But This Warren Buffett-Backed Company Recorded Fastest Growth

Zinger Key Points
  • Chinese and South Korea's companies dominate EV battery manufacturing.
  • Japan's Panasonic, though in the top five, has seen its share shrink and installed capacity decline in November.

Tesla Inc.’s TSLA battery supplier Contemporary Amperex Technology Co. Limited, or CATL, has cemented its dominant position in the electric vehicle battery market toward the end of 2022, a new report stated.

What Happened: The Ningde, China-based manufacturer’s EV battery market share rose to 40.9% in November 2022, up from 36.9% in the year-ago period and 37.6% percent in October, showed data released by SNE Research.

See Also: Best Chinese Stocks

On a year-over-year basis, CATL’s installed capacity jumped 83.4% to 23.4 gigawatt-hours.

Domestic peer and Warren Buffett- backed BYD Manufacturing Company Limited BYDDY BYDDF stood a distant second, with a 15.6% market share and saw 147.6% year-over-year growth in installed capacity to 8.9 GWh.

South Korea’s LG Energy Solutions’ share of the overall market was 11.9% and it grew its installed capacity by 28%.

Japan’s Panasonic Holdings Corp. PCRFY saw a 2.5% year-over-year decline in installed capacity and its market share nearly halved to 5.8%. Samsung SDI and SK Innovations took the fifth and sixth positions, respectively.

The global EV battery usage in November was 57.2 GWh, up about 1.7 times from the same period last year, with China outgrowing the rest of the markets, the report said.

CATL’s cumulative market share for the first 11 months of the year stood at 37.1%, up from 32.2% from last year. BYD had a 13.6% market share through the first three quarters.

Market News and Data brought to you by Benzinga APIs
Posted In: NewsTechMediaCATLelectric vehiclesEurasiaEV BatteryEVsWarren Buffet
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...