As the demand for eco-friendly vehicles in China soars, BYD Co. moved to the second place in the global rankings for electric car batteries in July 2022, surpassing LG Energy Solution Ltd.
According to GlobalData, Chinese companies aided the overall growth of the electric vehicle (EV) battery market in July 2022, while the combined market share of the two most popular battery manufacturers, LG Energy Solution and Samsung SDI, increased substantially in the first half of 2022.
The global battery sales rose 11.14% in 2022 over that in 2021, according to GlobalData. High prices of petroleum encourage drivers to switch to hybrid and battery-powered vehicles, and automakers electrify their fleets, aiding the demand for EVs. Still, EV manufacturers face difficulties owing to the cut in subsidies by the UK and Germany, the attempt by the US to reduce the reliance on Chinese minerals and components, and the increasing cost of materials for the production of batteries.
While the use of batteries in China is expected to double in 2022 due to the increasing sales of new-energy vehicles, battery manufacturers in the country appear to be maintaining their pricing power despite limited supply. Meanwhile, battery manufacturers in South Korea must formulate a plan of action to combat EV subsidies such as the new regulations by the US that favor American-made EVs and batteries and growing “skepticism” about EVs in Europe.
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