This Tesla, Nio Battery Supplier Has Regained Over Half The Market Share In China

Tesla Inc TSLA and Nio Inc NIO battery supplier Contemporary Amperex Technology Co., Ltd (CATL) installed 10.81 GWh of power batteries in China in March, grabbing 50.49% market share, CnEVpost reported on Tuesday, citing China Automotive Battery Innovation Alliance (CABIA).

What Happened: Ningde, China-based CATL in February had a market share of 48.02%, down from 50.24% in January, with 6.57 GWh of installed capacity. 

China’s power battery installed base in March more than doubled on a year-on-year basis to 21.4 GWh, CABIA data showed.

China’s largest battery supplier CATL was miles ahead of Warren Buffett-backed BYD Co BYDDY, whose market share slipped to 19.24% in March from 21.24% in February.

See Also: Tesla, Nio Battery Supplier CATL Retains Dominance Of Chinese Market In 2021 With 52% Share

Why It Matters: Electric vehicle battery makers including China’s CATL and South Korea’s LG Energy Solutions are setting steep targets to cater to growing demand amid a green push by global automakers. 

A report by SNE Research in September named CATL as the frontrunner in battery manufacturing for EVs, with a lion’s share of the global market. It added that the top ten battery manufacturers in the world are in Asia and China accounts for 44.1% of the EV battery market.

Price Action: Tesla stock closed 4.8% lower at $975.9 a share on Monday.

Photo courtesy: CATL