LG Energy Solution says it will overtake CATL in the EV battery market

SNE Research reported that the global EV battery market has recorded a 38.6% YoY growth in Q1 of 2023. The total amount of energy held by batteries for pure EVs, PHEVs, and HEVs was around 133 GWh. CATL remains the top market player with a growth rate of 35.9% and 35% market share. BYD experienced a staggering growth in the Q1 of 115.5% but ranks second in market share with 16.2%. LGES is third with a growth rate of...

5 May 2023

CATL launched condensed battery, a cutting-edge battery technology at Auto Shanghai. With an energy density of up to 500 Wh/kg, it can achieve high energy density and a high level of safety at the same time in a creative manner, opening up a brand-new electrification scenario for passenger aircrafts. CATL can achieve mass production of condensed batteries in a short period of time. To address the changes of the...

19 April 2023

CATL's first sodium-ion battery will power Chery EV models. This was announced by CATL on Twitter. At the same time, Chery Auto held a press conference during which it presented its new iCar brand and also confirmed that CATL's first sodium-ion battery will power its EV models including the iCar GT two-door coupe and the iCAR 03. CATL and Chery Auto also jointly announced at the event that the two companies create a...

18 April 2023

LG Energy Solution today announced it will invest approximately KRW 7.2 trillion (USD 5.5 billion) to construct a battery manufacturing complex in Queen Creek, Arizona. The complex will consist of two manufacturing facilities - one for cylindrical batteries for electric vehicles (EV) and another for lithium iron phosphate (LFP) pouch-type batteries for energy storage systems (ESS). It marks the largest single...

24 March 2023

Piedmont Lithium, a leading global developer of lithium resources critical to the U.S. electric vehicle supply chain, announced that it has signed agreements with LG Chem, under which LG Chem will make a $75 million equity investment in Piedmont and commit to the offtake of 200,000 metric tons of spodumene concentrate (SC6) from Piedmont's jointly-owned North American Lithium over a four-year term. LG Chem will...

19 February 2023

Ford has committed to producing both nickel cobalt manganese (NCM) and lithium iron phosphate (LFP) batteries in the U.S. The brand is investing $3.5 billion to build the country’s first automaker-backed LFP battery plant, offering customers a second battery technology within Ford’s EV lineup. This plant – called BlueOval Battery Park Michigan – initially will employ 2,500 people when production of LFP batteries...

14 February 2023

According to SNE Reasearch, the global battery usage for 2022 has been 518GWh - a 517.9% growth YoY. For this year, the research agency expects 749 GWh of batteries to be deployed in EVs, PHEVs, and HEVs. Being a South Korean company, SNE Research pays special attention to the three local companies that are major players in the EV battery market - Samsung SDI, SK On, and LG Energy Solution. Their production is...

8 February 2023

The Global Battery Alliance (GBA), the world's largest multi-stakeholder organization to establish a sustainable battery value chain by 2030, today launched the proof of concept for its Battery Passport at the World Economic Forum’s Annual Meeting in Davos. The Battery Passport is key to facilitating the rapid scaling of sustainable, circular, and responsible battery value chains to meet the targets of the Paris...

18 January 2023

LG Energy Solution and Honda announced the formal establishment of the joint venture (JV) which will produce lithium-ion batteries for electric vehicles (EV) produced by Honda. The JV will begin construction of a new battery plant early this year with the goal of completion by the end of 2024 and starting mass production of advanced lithium-ion battery cells by the end of 2025. The plant aims to have an annual...

16 January 2023

According to Digitimes Research reported by Digitimes Asia, the global sales of electric vehicles have reached 9.78 million units in 2022. The projected growth for this year is 49% to 14 million units sold globally. Of those, 9 million are expected to be sold in China only. Even now, China's share of the global EV sales is higher than 60%. For comparison, Europe sales account for 24% of the total sales, and USA...

11 January 2023

On April 6 earlier this year, CATL received the second permit for its battery cell production plant in Thuringia, Germany. Today, CATL announced that the plant has kicked off serial production of lithium-ion battery cells in December as scheduled. This is the brand's first facility outside of China. Dubbed CATT, the plant consists of two buildings: G1, an existing building purchased from another company where cells...

22 December 2022

CATL and Honda announced that from 2024 through 2030, Honda will purchase 123 GWh of batteries for pure electric vehicles in China from CATL. In 2020, CATL and Honda signed an agreement to form a comprehensive strategic alliance on new energy vehicle batteries, which has enabled the two companies to cooperate in a broad range of areas including joint development, stable supply, and the recycling and reuse of...

14 December 2022

CATL and VinFast today announced an MOU for Global Strategic Cooperation to expand collaboration in areas including CIIC (CATL integrated intelligent chassis) skateboard chassis products. The MOU signing ceremony is witnessed by Dr. Robin Zeng, founder and Chairman of CATL, and Mr. Pham Nhat Vuong, Chairman of Vingroup and VinFast. According to the agreement, CATL and VinFast intend to explore various forms of...

31 October 2022

Honda and LG Energy Solution announced that their new joint venture (JV) battery plant will be located in Fayette County, Ohio, about 40 miles southwest of Columbus, where the two companies will commit to investing $3.5 billion and creating 2,200 jobs, pending final government approvals. The companies' overall investment related to the JV is projected to reach $4.4 billion. The joint venture between Honda and LGES...

12 October 2022