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LG New Energy becomes the world’s second-largest electric vehicle battery manufacturer, replacing China’s BYD.
A report from Seoul-based SNE Research showed that LG New Energy sold 12.7 GWh of batteries in February, accounting for 13.7% of the global market. CATL still ranks first with a market share of 38.4%, and BYD has fallen to third place with a market share of 13.1%.
Global electric vehicle battery sales increased 27% year-on-year to 92.4 GWh. The sales growth of LG New Energy has been driven by the hot sales of models such as Tesla Model 3 and Model Y and General Motors’ Lyriq SUV.
SNE said BYD’s battery sales in China fell sharply during the Spring Festival in February.
(Source: enanyang Image source: unsplash)
