SHANGHAI/SEOUL (Reuters) – Chinese language battery big Modern Amperex Know-how Co Ltd (CATL) has provided electrical automobile (EV) batteries to South Korea’s Kia Corp, the businesses mentioned on Thursday, marking Kia’s first use of non-Korean EV batteries for gross sales at house.
The South Korean automaker, an affiliate of Hyundai Motor Co, has chosen batteries from CATL for its electrical Niro crossover SUV, aiming at increasing its vary of battery suppliers, a South Korean newspaper reported on Wednesday.
“With gross sales of its battery electrical automobiles rising globally, Kia is cooperating with varied battery suppliers to diversify and stabilize battery provide,” Kia mentioned in a press release to Reuters, confirming using CATL’s batteries.
A CATL spokesperson additionally confirmed the report, with out elaborating.
CATL, whose purchasers embody Tesla (NASDAQ:) Inc and Volkswagen AG (OTC:), is the world’s largest battery maker.
Trade tracker SNE Analysis says the corporate has a share of greater than 35% of the booming world EV battery market. Analysts say the market is value tens of billions of {dollars} a yr.
For home EV gross sales, Hyundai Motor and Kia have beforehand used solely batteries from two South Korean companies – LG Vitality Resolution Ltd and SK Innovation Co Ltd’s SK On.
These battery makers and home peer Samsung (KS:) SDI Co Ltd collectively command greater than 1 / 4 of the worldwide EV battery market, in keeping with SNE Analysis.
