LG New Energy catches up from behind and overtakes BYD to become the world's second largest electric vehicle battery manufacturer

The latest news points out that South Korean market research organization SNE Research recently released a latest report, which conducted an in-depth analysis of the global electric vehicle battery market. The report pointed out that in the first two months of this year, LG New Energy performed well, selling a total of 12.7 GWh of electric vehicle batteries, accounting for 13.7% of the global market, and successfully jumped to second place, surpassing China's BYD.

Although LG New Energy has made significant progress recently, China's CATL still ranks first. According to reports, CATL accounted for 38.4% of the global electric vehicle battery market in the first two months of this year, maintaining its leading position. BYD's market share fell slightly, occupying only 13.1%, ranking third.

SNE Research’s report pointed out that the share of South Korea’s three major battery manufacturers in the global electric vehicle (EV) battery market fell by 1.2 percentage points year-on-year in the first two months of this year. . This may mean that the competitive landscape of the global electric vehicle battery market is changing, and new players or technologies may be changing the traditional structure of the market.

This text describes the growth of the electric vehicle market in the past two months. The overall battery usage of battery electric vehicles, including pure electric vehicles, plug-in hybrid vehicles and hybrid vehicles, has reached 92.4GWh, a year-on-year increase of 27%. The growth in this data shows that the electric vehicle market is continuing to expand and the demand for batteries is also growing steadily.

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