LG Energy Solution No.1 in battery, Hyundai No.5 in electric vehicle markets

LG Energy Solution topped the global market of electric vehicle batteries in 2020, while Hyundai Motor and its sister company Kia have ranked fifth in the global electric vehicle market.

According to market tracker EV-Volumes, the country’s battery giant LG Energy Solution deployed the most electric vehicle batteries in the world – a total of 34.5 gigawatts, or enough to power 700,000 electric vehicles. LG was followed by China’s CATL and Japan’s Panasonic, which sold batteries worth 32 gigawatts and 29 gigawatts.

Samsung SDI and SK Innovation each ranked fifth and sixth, deploying 4.8 gigawatts and 1.7 gigawatts of batteries, respectively. 

Meanwhile, Hyundai Motors and Kia rolled out 220,000 electric vehicles last year, ranking fifth in the global market. The top three spots went to Tesla, Volkswagen and General Motors, which sold 490,000, 420,000 and 230,000 units, respectively. 

Korean battery manufactures and automakers are expected witness a greater growth this year, as global sales of electric vehicles are on the rise. Last year, the global sales of electric vehicles hit 3.24 million units, a 43 percent growth on-year from 2.27 million units. China accounted for 41 percent with 1.34 million units, followed by Germany and the US, which recorded 390,000 and 320,000 units. 

By Kim Byung-wook (kbw@heraldcorp.com)