Hyundai Motors, Kia Motors, Samsung of South Korea, do you remember LG?
In fact, the first mobile phone or home appliance of many friends is South KoreaLG, this company has performed very well in the home appliance industry, but in recent years, we have hardly heard too many voices about LG. Do you think LG is lonely? Not really!
South Korea's LG has begun to transform into the field of electric vehicle power batteries and has become a world-famous battery supplier.
First of all, let's share a common sense with you, the number one battery supplier in 2023 is CATL, the second is followed by BYD, and the third is LG of South Korea.
According to the installed batteries of electric vehicles in January and February this year, a total of 92. GKH's battery, of which South Korea's LG reached a 13.7% share, a bit lower than the same period last year, but South Korea's LG officially surpassed BYD to become the second largest global battery supplier, following CATL.
Many friends know that Tesla's two main models are Model 3 and Model Y, both of which use LG batteries. In addition, GM's electric vehicles, which are not selling well in China, are basically equipped with LG batteries. Tesla's overseas sales have soared, which has boosted the market share of LG in South Korea.
So what is the situation of the decline in the proportion of BYD's battery installed capacity? The main reason is that most of BYD's Fodi batteries are installed by themselves and digested internally. Since January and February are the traditional Spring Festival in the mainland, sales have slowed down, resulting in a decline in battery market share.
At present, in addition to Tesla and GM users, Ford's Mustang series, BMW, and Mercedes-Benz are also establishing ties with them. Therefore, the challenges faced by BYD batteries are not small, and they must be paid attention to.
Of course, South Korea's LG can't sit firmly in Diaoyutai forever. Because BMW and China CATL are establishing a cooperative battery factory, once the battery factory is put into production, then LG's market share will fall. At the same time, BMW has also jointly established a battery plant in Europe with Great Wall Motor, so in the future, whether it is CATL, BYD Battery, or South Korea's LG, the market share will be affected.
Although some netizens said that China's battery overcapacity, I am afraid that a large number of battery factories will close down in the future, but we must also see that the growth momentum of electric vehicles is indeed obvious, and a large number of power batteries are still needed. Not only has foreign electric vehicles not been reduced, but they are vigorously building battery factories, indicating that overseas companies are also betting on the development of electric vehicles.