LG Energy Solution could overtake in the global EV battery market, given a significantly higher order backlog and other factors, the company's CEO said.

(Image credit: CATL)

China's Contemporary Amperex Technology Co Ltd (CATL) currently has the top market share in the global power battery market, but South Korea's LG Energy Solution believes that may soon change.

Given the apparently high order backlog and other factors, LG Energy Solution may have a larger share of the global electric vehicle (EV) battery market than CATL (SHE: 300750), the company's CEO Kwon Young-soo said today.

Kwon made the remarks in an online press release about the company's upcoming IPO, emphasizing LG Energy Solution's dominance in terms of intellectual property and diversity of its foreign customer base, according to Yonhap News Agency.

"We overwhelm the competitor in IPs, and we have more diverse clients in the US and Europe, and production bases there to supply our products to those clients, which CATL doesn't have," Kwon said.

"I believe that the backdrop to CATL's growth is that Chinese automakers have preferred locally produced batteries, or the policy to use them," Kwon said, adding, "since we have more orders, we predict that we will be higher than CATL in terms of market share in the future."

LG Energy Solution is preparing an initial public offering in South Korea, with plans to raise up to $10.8 billion, making it the country's largest IPO to date.

From January to November, CATL maintained its dominant position in the global EV battery market, with a 31.8 percent share, according to data released late last month by South Korean market research firm SNE Research.

CATL's share was 11.3 percentage points higher than the 20.5 percent of LG Energy Solution, which came in second place.

Japan's Panasonic ranked third with a 12.5 percent share, and China's ranked fourth with a 9 percent share.

SNE Research noted that Chinese companies led the growth of the electric vehicle battery market from January to November this year, with CATL and BYD's battery installations up 180 percent and 192 percent, respectively, compared to the same period last year.

In China, CATL topped the market with a 55 percent market share in November, while BYD was second with 16.6 percent and CALB was third with 5.2 percent, according to data released earlier this month by the China Automotive Battery Innovation Alliance (CABIA).

From January to November, CATL's market share in China was 51.4 percent, higher than BYD's 16.6 percent in second place, the CABIA data showed.

CATL's installed base data in China in December is expected to be available in the last few days.