Global battery leader Catl grew its share of global battery capacity installed in new EVs by an additional 4.8 percentage points year-on-year in the first two months of 2024, according to data from South Korean battery consultancy SNE Research.
With Catl battery capacity installed in new EVs by the end of February rising to 35.5GWh, for 45pc growth compared to 12 months previously, the Chinese heavyweight accounted for 38.4pc of the global market. At the same point in 2023, Catl accounted for 33.6pc of global capacity additions.
Catl's growth in deployed cells was driven increasingly by its supply deals with Chinese OEMs such as Geely's Zeekr and Li Auto, the research says, in addition to longer-standing supply deals with Western automakers such as for the Tesla Model 3/Y, BMW iX, Mercedes EQ, and VW ID series. But the consultancy does warn of potential storm clouds for these Sino-Western battery alliances.
"On top of growing uncertainties in the market about a slowdown in electric vehicle demand, tensions have been rising as it is reported that Catl has been negotiating with GM to licence its LFP battery technology and build a joint factory," SNE says.
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"However, as the production volume from Ultium Cells second factory has increased and a new model from GM with the Ultium platform is scheduled to be released, [South Korea's] LG Energy Solution (LGES is expected to lead the North American market with its ternary battery meeting the IRA regulations," the firm adds.
LGES, as Catl's closest competitor, saw a 0.2 percentage point decline in its share of global battery deployments in the same timeframe, another reminder that Catl is extending its lead in the battery industry.
Indeed Catl's growth comes at the expense of its three closest competitors. In addition to LGES' loss of market share, Catl's Chinese peer BYD has seen a 3.1pc year-to-date decline in new deployment compared to 2023, as BYD autosales growth screeched to a halt in February. And its share of year-to-date deployments fell four percentage points below its Jan-Feb '23 market share.
The combined market share of the so-called 'K-trio' of South Korean firms SK On, LGES, and Samsung SDI, which specialise in nickel chemistry batteries rather than the mostly Chinese-made LFP chemistry, was 23.8pc, a 1.2 percentage point decline compared to the first two months of 2023.
Japan's Panasonic accounts for 6.7pc of the new EV battery capacity deployed so far in 2024, having seen a 9.7pc share in deployments in the first two months of last year, SNE finds. SK On, a key partner to US OEM Ford, has also seen a year-to-date contraction, of 7.3pc, compared to 2023.
On the other hand, peer Samsung SDI has seen 47.4pc growth in the first two months of the year over 2023, SNE calculates, although this has not translated to material market share growth in an overall expanded market.
Ciaran has written about finance, politics and culture. He is passionate about e-mobility and what it means for our way of life.
Ciaran has a Masters in Ancient Philosophy from Oxford University.
