Global EV Battery Usage From Jan to Sep 2024

On November?6, South Korean research institution SNE Research released global power battery statistics. From January to September 2024, the amount of energy held by batteries for electric vehicles (EV, PHEV, HEV) registered worldwide was approximately 599.0GWh, a 23.4% YoY growth.

The combined usage of batteries made by the K-trio companies for electric vehicles from Jan to September 2024 were higher than that from the same period of last year. LG Energy Solution stayed at the 3rd place in the ranking with a 4.3%?(72.4GWh) YoY growth, while SK On ranked 5th with a 12.4%?(28.5GWh) growth. Samsung SDI posted a 5.4%?(23.9GWh) YoY growth. On the other hand, the combined shares of K-trio in the global market were 20.8%, declined by 3.4%p compared to the same period of last year.

Panasonic, the only Japanese company in the top 10 on the list, recorded 25.7GWh from Jan to Sep this year, ranking 6th on the list but recording a 20.2% YoY degrowth.

CATL stayed No. 1 in the global ranking with a 26.5%?(219.6GWh) YoY growth.?BYD ranked 2nd on the list with a 28.0% (98.5GWh) YoY growth.

The K-trio and Chinese major battery makers have released their sales and results in Q3, 2024. While CATL boasted a 25.6% YoY increase in net profit, BYD celebrated a monumental moment as it first outperformed Tesla in sales. The K-trio battery makers were relatively sluggish in sales growth and profit rate, but they are trying to diversify their mid/long-term market response measures. Such high growth of Chinese battery companies has started since NCM was replaced with LFP of which price competitiveness and thermal safety are higher than NCM. Starting with China, other regions have been preparing for mass production of LFP at a rapid pace as many global OEMs chose to adopt LFP. While the K-trio may find an opportunity in the US where worries about competitions with China have been lessened and AMPC tax credit would be provided, they could find it difficult in Europe. Recently, as Europe strengthened its regulations on carbon emissions, the Korean battery makers may see an increase in sales in the region. Nevertheless, uncertainties still exist in Europe where AMPC tax credit is not offered. It has become more important for the K-trio to reinforce their strategic partnership with OEMs in the US and Europe as well as secure new customers.

Source: SNE Research (Website)