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LG Energy Solution ranked number-2

3 May, 2021

As reported by the Yonhas news agency, the LG Energy Solution supplies batteries for electric vehicle models from companies such as Tesla, Volkswagen and Ford. It ranked second with 20.5% market share in the first three months of the year. Two other Korean manufacturers Samsung SDI and SK Innovation had a market share of 5.2%. They finished fifth and sixth with a razor-thin margin.

"Korean battery manufacturers are lagging behind due to Chinese players due to rapid changes in EV battery technology and increased competition," SNE Research said in a report. Battery demand has risen sharply as several large companies have entered the EV segment, but its combined share has fallen by 37.8% compared to the previous year. This is mainly due to the rapid expansion of the global market by Chinese manufacturers.

According to market research firm SNE Research, Korean companies had lost market share compared to Chinese companies last year. However, this year LG Energy Solution, Samsung SDI and SK Innovation have supplied 47.8 GW-hr (GWh) EV batteries from January to March. This is 127% higher than a year ago.

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