Battery giants hit by slump in China’s electric vehicle market
INTERNATIONAL – CATL and BYD Co. saw sharp declines in sales of electrified-vehicle batteries in September as demand weakened in China, where the government is cutting subsidies in the EV sector.
Sales by market leader Contemporary Amperex Technology Co. Ltd. fell 10%, while BYD’s slumped 71%, causing it to lose its No. 3 ranking to South Korea’s LG Chem Co., SNE Research said. CATL had 26.6% of the global market in the first nine months, followed by Panasonic Corp. at 24.6%.
China is trying to navigate weaker demand for cars and a slowing economy while also pulling back subsidies to avoid a bubble bursting in the EV market. The country’s lackluster auto sales are weighing on the wider global market.
Source: iol.co.za