(Bloomberg) -- China’s BYD Co. cemented its position as the world’s second-largest EV battery maker, outselling South Korean rival LG Energy Solution Ltd. for a second straight month in August.
Shenzhen-based BYD sold about 6.5 gigawatt-hours of batteries in August, posting 159% growth from a year earlier, according to a report Thursday from SNE Research, a Seoul-based research firm. Contemporary Amperex Technology Co. Ltd., another Chinese maker, maintained its clear lead as the world’s largest battery maker with 18 gigawatt-hours, up 129%.
LG Energy followed in third position with 5 gigawatt-hours, climbing 16% from a year ago, led by sales of Volkswagen AG’s ID.4, Ford Motor Co.’s Mustang Mach-E and Tesla Inc.’s Model Y, SNE said.
China’s CALB Co., which started trading in Hong Kong Thursday after a $1.3 billion initial public offering, ranked 7th, with 1.9 gigawatt-hours. The company aims to to become a top-three player in the EV battery industry within five years, Chief Executive Officer Jingyu Liu said in an interview.
Read more: Chinese EV Battery Maker CALB Targets Top Three Rivals After IPO
Total EV battery sales almost doubled to 45.7 gigawatt-hours in August, driven by Chinese demand, SNE said. However, the US Inflation Reduction Act may change the landscape of Chinese-dominated battery supply chains by forcing more battery makers and their suppliers to build plants in North America, the report said.
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