Seoul: South Korean battery makers saw their combined global market share decline from a year earlier in the January-July period despite overall growth in global electric vehicle (EV) battery usage, data showed on Tuesday.
The combined market share of South Korea’s top three players, LG Energy Solution Ltd., SK On Co. and Samsung SDI Co., dropped by 4.5 percentage points from a year earlier to 16.7 percent in the EV sector, according to data compiled by energy market tracker SNE Research.
During the period, global battery usage in EVs, plug-in hybrid electric vehicles (PHEVs) and hybrid electric vehicles (HEVs) totalled 590.7 gigawatt-hours (GWh), up 35.3 percent from a year earlier, reports Yonhap news agency.
By company, LG Energy Solution maintained its No. 3 position in the global market with 56.1 GWh of batteries used, up 9 percent on-year. The company accounted for 9.5 percent of the global market, down from 11.8 percent in 2024.
SK On, which ranked fifth, saw its EV battery usage rise 17.4 percent to 24.6 GWh, while its market share fell 0.6 percentage point to 4.2 percent.
Samsung SDI, which came in eighth, saw its EV battery usage fall 10.6 percent to 17.7 GWh, accounting for 3 percent of the market due to sluggish demand from European and North American carmakers.
China’s CATL remained the top player with a 37.5 percent market share, slightly down from 37.8 percent a year earlier, the data added.
Meanwhile, South Korean stocks extended gains late Tuesday morning as semiconductor shares rebounded from the previous session’s plunge.
The benchmark Korea Composite Stock Price Index (KOSPI) had added 23.14 points, or 0.74 percent, to 3,166.07 as of 11:20 a.m.
The KOSPI opened higher as investors went bargain hunting for semiconductors and tech shares.
Samsung Electronics and SK hynix tumbled Monday on reports that China’s Alibaba has developed artificial intelligence (AI) chips.
Market top-cap Samsung Electronics moved up 2.07 percent, and its rival SK hynix advanced 1.86 percent.
Major portal operator Naver jumped 5.57 percent, while messenger app operator Kakao declined 3.59 percent. Car makers were in negative territory.
Top car maker Hyundai Motor shed 0.91 percent, and its sister Kia inched down 0.42 percent.
(IANS)
