China’s CATL, BYD Dominate EV Battery Market as Demand Grows
- CATL’s sales in Europe almost doubled this year: SNE
- Carmakers seek cheaper batteries to cut electric vehicle costs
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Chinese companies are expanding their share of the US and European electric-car battery markets thanks to lower prices, cementing their domination of the industry globally.
China’s Contemporary Amperex Technology Co. ranked No. 1, with a 37% share of the market worldwide, at the end of August, according to a report from Seoul-based SNE Research. When BYD Co.’s 16% share is included, the two Chinese companies account for more than half the battery market for electric cars, the data showed.