The 2023 Kia Telluride is unveiled on the 2022 New York Worldwide Auto Present, in Manhattan, New York Metropolis, U.S., April 13, 2022. REUTERS/Brendan McDermid
SHANGHAI/SEOUL, June 23 (Reuters) – Chinese language battery large Up to date Amperex Expertise Co Ltd (CATL) has provided electrical car (EV) batteries to South Korea’s Kia Corp (000270.KS), the businesses stated on Thursday, marking Kia’s first use of non-Korean EV batteries for gross sales at residence.
The South Korean automaker, an affiliate of Hyundai Motor Co (005380.KS), 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 autos rising globally, Kia is cooperating with varied battery suppliers to diversify and stabilize battery provide,” Kia stated in a press release to Reuters, confirming the usage of CATL’s batteries.
A CATL spokesperson additionally confirmed the report, with out elaborating.
CATL, whose shoppers embody Tesla Inc (TSLA.O) and Volkswagen AG (VOWG_p.DE), 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 Answer Ltd (373220.KS) and SK Innovation Co Ltd’s (096770.KS) SK On.
These battery makers and home peer Samsung SDI Co Ltd (096770.KS) collectively command greater than 1 / 4 of the worldwide EV battery market, based on SNE Analysis.
Reporting by Zhang Yan in Shanghai and Heekyong Yang in Seoul; Enhancing by Muralikumar Anantharaman and Bradley Perrett
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