According to media reports, as electric vehicles develop, multiple battery manufacturers have emerged worldwide, with leading market shares held by China’s CATL, South Korea’s LG Energy Solution, SK Innovation, and Samsung SDI, and Japan’s Panasonic. As demand for electric vehicles increases, their revenue is also constantly rising.
From the perspective of research institutions, whether it is sales or net profit, China’s CATL was higher than the three Korean companies that are vigorously developing electric vehicle battery businesses last year.
In terms of revenue, CATL was about $47.6 billion last year, a year-on-year increase of 152.07%; LG Energy Solution was $19.4 billion, Samsung SDI was $15.3 billion, SK Innovation was $5.8 billion, and the total revenue of the three companies was $40.5 billion, which is $7.1 billion lower than CATL.
Higher revenue also means CATL has a higher market share. Institution data shows that CATL’s global market share last year was 37%, an increase of 4 percentage points from 2021. The highest of the three Korean companies is LG Energy Solution, but its market share fell by 6 percentage points last year to 23%.
In terms of profit, CATL’s net profit attributable to shareholders of listed companies was CNY30.729 billion (approx. USD4.451 billion) last year, a year-on-year increase of 92.89%. Among the three Korean companies, LG Energy Solution was USD533 million, Samsung SDI was USD610 million, and SK Innovation had a net loss of USD762 million. The net profit of the three companies is less than one-tenth of CATL’s.
Higher revenue also means CATL has the ability to invest on a larger scale in research and development and capacity expansion. The media also reported that CATL’s investment in research and development last year was about $2.2 billion, significantly higher than LG Energy Solution’s $610 million and Samsung SDI’s $762 million.
Source：IThome
