LG Chem’s ranking in electric vehicle (EV) battery shipment dropped in September from the rise of local manufacturers.
According to Chinese market research firm Battery China, a total of 6.6GWh of EV batteries were used in the month, a rise of 66.4% year over year and an increase of 28.3% compared to August.
CATL ranked the highest in market share with 47.4%, followed by BYD and AVIC.
LG Chem ranked fourth with battery supplies of 0.47GWh in September, same as the previous month.
This means local Chinese battery makers saw their shipment rise in the month.
Panasonic, meanwhile, ranked fifth; Guoxuan ranked sixth; Farasis ranked seventh and EVE Energy eighth.
SVolt entered the top ten ranking for the first time in the month. The company spun-off from car maker Great Wall. Svolt is planning to spend 10 billion yuan to build a 20GWh battery factory as well as spend 2 billion euros in Europe.
Last year, Chinese battery maker rankings within the top ten were chaotic except for CATL, BYD, Guoxuan and EVE Energy.
Companies such as Optimumnano Energy wen’t bankrupt __ some saw their supply fall due to the COVID-19 pandemic.
But the Chinese government has extended its subsidies and local EV sales are recovering. Local battery makers will likely continue to show growth.
LG Chem is completely reliant on Tesla Model 3 orders as of now. Volkswagen and SAIC Motor’s joint venture is expected to begin production of Modular Electric Drive (MEB) cars this month, which could see the Korean battery maker increase shipment in November.
South Korean battery maker SK Innovation will start its joint venture with EVE Energy in the second half of 2021, which may see it enter the rankings.