LG Chemical ranks first in the world for electric car battery and envisions for “science beyond chemistry”
LG Chemical was found to have held the largest global market share during the first quarter, putting Panasonic and CATL behind.
LG Chemical was found to have held the largest global market share during the first quarter, putting Panasonic and CATL behind. The company’s ambition is to use such positive results from its diversification as a stepping stone to become an all-round science-based corporation, merchandising batteries and high-tech materials. According to a market research company SNE research, LG Chemical took 27.1% of the global electric car battery market, being the biggest market share holder for the first time since the statistics were compiled. It is almost double quarter over quarter rate. (10.7%) On the first quarter last year, LG Chemical ranked 4th after CATL, Panasonic and BYD. SNE Research mentioned “the sales of LG Chemical’s battery installed vehicles such as China produced Tesla Model3, Audi’s E-Tron increased”. They also analyzed that the Coronavirus hit Chinese companies harder than LG Chemical, having diverse buyers. An industry source said, “LG Chemical ranking the first is the result of their past investments, diversifying buyers and such”. The source added “It’s a meaningful achievement to surpass Chinese companies with its big national market and Japanese companies with relatively longer history”.