May 09, 2023 10:38
Korea's exports of rechargeable batteries are expected to increase by one-third on average every year, boosting the country's growth by 0.3 percent a year, Goldman Sachs predicts.
"Considering the production ramp-ups in the U.S. and Europe, technological advancement and tax credits from the U.S., Korean battery makers have the upper hand to benefit from the burgeoning demand for electric vehicles in the regions other than China," the global investment bank said in a recent report.
But Chinese battery makers are catching up quickly, buoyed by their dominance in their home market.
According to market researcher SNE Research, 64.2 GWh of batteries for electric cars, plug-in hybrids and hybrids were sold globally except China in the first quarter of this year, up 45.3 percent on-year.
LG Energy Solution took the lion's share with 18 GWh, up 38.8 percent on-year. Next came CATL of China, which sold 15.6 GWh, up 79.6 percent, and Panasonic with 11.9GWh, up 38.8 percent.
Due to the rapid growth of Chinese and Japanese battery makers, the global market share of Korean battery manufacturers fell five percentage points to 49 percent in the first quarter.
CATL and other Chinese battery makers are not only expanding their market share in China but around the world. CATL has expanded its customer base to Volvo and Kia as well as Tesla and is expected to supply batteries for Hyundai's new Kona EV too.
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