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Battery Sales by Panasonic, BYD Drop on Slow Electric-Car Demand

Panasonic Corp. and BYD Co. saw sharp declines in sales of electrified-vehicle batteries in October as demand weakened in the U.S. and China, SNE Research said.

Measured by capacity, sales by Panasonic fell 38%, while BYD’s plunged 66%, causing it to lose its No. 3 ranking to South Korea’s LG Chem Ltd., the research firm said Thursday. Sales by market leader Contemporary Amperex Technology Co. Ltd. declined 17%.