LG Energy Solution overtakes CATL in May to become world's largest power battery supplier
LG Energy Solution topped the global electric vehicle power battery market in May, surpassing Chinese power battery giant CATL, according to the latest report.
The total installed battery capacity of electric passenger vehicles (excluding buses and trucks) registered in May was 19.7 GWh, up 330 percent year-over-year, Sina Tech said, citing data released on Monday by South Korean market research firm SNE Research.
LG Energy Solution's installed base in May rose 370 percent year-over-year to 5.7 GWh.
LG Energy Solution is a new company spun off from LG Chem in December last year, specializing in the battery business.
After the spin-off, LG Chem will own 100 percent of the new company.
CATL installed 4.28 GWh of power batteries in China in May, with a 43.9 percent market share, according to previous data from the China Automotive Battery Innovation Alliance.
In June, CATL's installed base in China was 5.44 GWh, with market share rising to 49.1 percent, the data showed.