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LG Energy Solution Is Feeling The Tesla Effect Thanks To Made-In-China Model Y Sales

LG Energy Solutions is feeling the “Tesla effect” thanks to Tesla’s success with its made-in-China Model Y sales. The Tesla Model Y enabled LG Energy Solutions to dethrone CATL as the world’s top battery vendor. Many factors enabled LG to make this accomplishment, but one key factor was the strong demand and increasing momentum of the made-in-China Tesla Model Y. A Teslarati article on the matter cited information from SNE Research, which detailed that LG Energy Solution’s installed base skyrocketed by 270% — 5.7 GWh — year over year in May of this year.

SNE Research noted that LG Energy Solution topped the ex-China global EV battery market during the period between January and March. The growth of Samsung SDI and SK Innovation also remains robust despite the rapid rise of CATL. All five battery makers made it into the top 5 list of EV battery makers. SNE Research provided a detailed graph (below) of each battery manufacturer and their rank as well as their growth percentage year over year.

Graph by SNE Research

Keny Kim, CEO of SNE Research, said that South Korea’s EV battery trio is expected to face stiff competition from their Chinese rivals going forward. He believes that CATL will continue to cement its standing as China’s leading battery supplier. He pointed out that as the EV battery market gets fiercer, it’s important for the Koran EV battery makers to have different strategies and continue to cultivate their fundamental competitiveness.

Teslarati noted that LG Energy Solution’s numbers will most likely be even more impressive in the coming months. Tesla China is ramping the production of its Model Y Standard Range, which has been selling like hotcakes, to the point that deliveries are now pushed back until October. That tidbit of info comes from @Ray4Tesla.

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Written By

Johnna owns less than one share of $TSLA currently and supports Tesla's mission. She also gardens, collects interesting minerals and can be found on TikTok


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