SK Innovation ranks among top 10 in EV battery sector

In 2019, South Korea’s SK Innovation joined the ranks of the world’s top 10 makers of electric vehicle (EV) batteries, according to market research firm SNE Research. Among the 10 companies, the SK affiliate was the only one that doubled its growth on-year.

At No.1 was China’s CATL with a 27.9% market share, followed by Japan’s Panasonic with 24.1%. In third place was LG Chem, which overtook BYD by taking a 10.5% market share, followed by Samsung SDI with 3.6%. SK Innovation placed 10th place with 1.7%.

LG Chem’s growth was triggered by sales to Audi’s e-tron, Hyundai Motor’s Kona Evan and Jaguar i-pace, while Samsung SDI supplied to Volkswagen’s e-Golf and BMW i3. SK Innovation supplied to Kia’s Niro EV and와 Soul Booster.

But the market share of the three local battery makers combined was still less than that of Panasonic.

SNE called on the domestic battery makers to attain a sharper edge base on savvier market strategies in order to trump their global rivals CATL and Panasonic that are accounting for more than half of the global EV battery market.

Chinese manufacturers had a bad year, the SNE data showed, with AESC, Guoxuan and Lisun Battery all showing minus growth – the result of slowing sales on account of a withdrawal of government subsidies, according to industry sources.

The Elec is South Korea’s No.1 tech news platform.