LG Chem garners 24.6% global market share to become largest EV battery supplier

South Korea's LG Chem edged China's CATL to become the largest electric vehicle (EV) battery supplier in the first half, with a global market share of 24.6 percent based on usage.

The company's market share was 10.4 percent a year earlier.

LG Chem's EV batteries were utilized for 10.5 gigawatt-hours (GWh) in the first half of this year, compared with 5.7 GWh from a year earlier.

The firm's EV battery unit posted an operating income of 104 billion won in the first quarter, making up 13.3 percent of the total.

LG Chem Ltd's EV battery business posted 5.08 trillion won in sales in the first half of the year, accounting for 37.2 percent of its total revenue.

SNE Research attributed the increase of usage to robust sales of vehicles using LG Chem EV batteries, namely Tesla Model 3, the Renault Zoe EV, and the Audi e-tron EV.

CATL came in second with a 23.5 percent market share, down from 25.1 percent last year.

Other South Korean EV battery makers Samsung SDI Co. and SK Innovation Co. grabbed fourth and sixth spots with 6 percent and 3.9 percent market shares.

The global usage of EV batteries was at 42.6 GWh in the first half, down 23 percent from 55.3 GWh in the same period last year.