Tesla Inc TSLA and Nio Inc NIO battery-supplier CATL grabbed more than half of China’s power battery market in November, cnEVpost reported, citing the China Automotive Battery Innovation Alliance.
What Happened: China’s largest battery supplier extended its lead to 55% in November, compared with 49.9% in October.
CATL installed 11.45 GWh of power batteries in China last month.
Billionaire investor Warren Buffett-backed BYD Co BYDDY ranked second with 16.6% market share, compared with 20.4% share a month ago. BYD installed 3.46 GWh battery capacity during the month.
See Also: Chinese Consumers' Favorite EV Brand Is Not Tesla Or Nio But This Warren Buffett-Backed Company
Why It Matters: Automakers around the globe are rushing to secure battery supplies as they set steep targets to switch to electric vehicles.
A report by SNE Research in September named CATL as the frontrunner in battery manufacturing for electric vehicles, with a 32.5% global market share. It added that the top ten battery manufacturers in the world are in Asia and that China accounts for 44.1% of the EV battery market.
Besides Tesla and Nio, CATL is also a battery supplier for Volkswagen Ag VWAGY and has recently begun supplying batteries to Ford Motor Co F in China.
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