Global power battery companies have handed in their first-half “report cards.” Recently, Korean market analysis agency SNE Research released data showing that in the first half of 2025, the total installed capacity of power batteries in newly registered electrified vehicles worldwide (including hybrids, plug-in hybrids, and pure electric vehicles) reached 504.4 GWh, a year-on-year increase of 37.3%.
From the top ten list of global power battery installations, Asian companies still occupy an absolute advantage. The pattern of six Chinese companies, three Korean companies, and one Japanese company has not changed. However, compared with the overall ranking in 2024, SVOLT has replaced Sunwoda in the top ten.
In terms of market share, Chinese power battery companies are still steadily increasing their share, while the market share of Korea’s three major battery manufacturers and Japan’s Panasonic continues to decline. Specifically, in the first half of the year, the combined market share of the six Chinese companies reached 68.9%; for full-year 2022–2024, the figures were 60.4%, 63.5%, and 67.1%.
The combined market share of Korea’s three major battery manufacturers in the first half was 16.4%, down 5.4 percentage points from the same period last year, and Samsung SDI was the only company among the top ten to see a year-on-year decline in installations. In addition, Panasonic, a main battery supplier to Tesla, also grew at a rate below the industry average.
Domestic and Overseas “Blooming” in Tandem
Chinese Companies’ Share Continues to Rise
According to SNE Research’s statistics in recent years, from 2017 to 2024 global power battery installations achieved steady, high-speed growth, at 59 GWh, 100 GWh, 118 GWh, 148 GWh, 308 GWh, 515 GWh, 710 GWh, and 899 GWh, with a compound annual growth rate of 47.5%. Among them, the first half of 2024 was 367 GWh, while the first half of this year was 504.4 GWh, an increase of 37.3%.
Maintaining such high growth owes much to Chinese power battery companies. In the first half of this year, the six Chinese companies in the global top ten—CATL, BYD, CALB, Gotion High-Tech, EVE Energy, and SVOLT—held a combined market share of 68.9%. In particular, CATL and BYD, with market shares of 37.9% and 17.8% respectively in the first half, were far ahead of other peers. If we include other Chinese companies outside the top ten, China’s share of the global power battery market exceeds 70%.
Specifically, CATL firmly held the top spot, with 190.9 GWh of installed capacity in the first half, up 37.9% year-on-year. Not only do numerous Chinese automakers such as Zeekr, AITO, Li Auto, and Xiaomi purchase batteries from CATL, but international automakers including Tesla, BMW, Mercedes‑Benz, and the Volkswagen Group also use CATL batteries.
Judging from CATL’s recently released financial report, in the first half of the year the company showed strong performance across multiple dimensions such as revenue, profits, installed capacity, technological innovation, and global footprint. Revenue reached 178.9 billion yuan, up 7.3% year-on-year; net profit was 30.5 billion yuan, up 33.3%. Meanwhile, CATL successfully listed on the Hong Kong Stock Exchange, formally establishing an “A+H” international capital platform. The company also moved quickly on new products. In passenger vehicles, it released the second‑generation Shenxing superfast‑charging battery, the Xiaoyao dual‑core battery, and the “Na‑Xin” sodium battery; in commercial vehicles, it launched the Na‑Xin integrated start‑stationary battery and the Kunshi chassis.
Unlike CATL, BYD’s batteries are mainly used internally. Its rise in installed volume benefited from its continuously growing EV sales. In the first half of this year, BYD’s cumulative EV sales were about 2.146 million units, up 33% year-on-year. The carefully laid multi‑brand strategy is showing good synergy effects.
It is worth mentioning that among the global top ten power battery companies in the first half, the fastest growth came from Great Wall Motor–affiliated SVOLT. Its installed capacity reached 12.9 GWh, soaring 107.7% year‑on‑year, making it the only company on the list to achieve triple‑digit growth. SVOLT originated from the power battery division established by Great Wall Motor in 2016, and its main customers include Great Wall Motor, Geely, Stellantis, Leapmotor, and BMW MINI.
The explosive growth of SVOLT’s installed capacity in the first half was due in part to its expanding cooperation with European automakers. Previous data indicated that SVOLT has cumulatively supplied 128,000 battery packs to Stellantis and 110,000 sets to BMW MINI. Not long ago, SVOLT won a new battery program for the smart brand and will supply lithium‑iron‑phosphate short‑blade batteries to smart worldwide. In China, SVOLT supplies short‑blade batteries for models such as the Geely Galaxy E5, the Great Wall Ora Lightning Cat, and Baidu’s Apollo Go autonomous‑driving model Yichi 06.
Another Chinese company worthy of attention is Gotion High‑Tech, which posted the second‑highest growth among the top ten. In the first half, its installed capacity reached 17.9 GWh, a year‑on‑year surge of 85.2%, and its market share rose from 2.6% in the same period last year to 3.6%.
Of course, the greatest support for the increase in Chinese companies’ battery installations still comes from the domestic market. According to statistics from the China Association of Automobile Manufacturers, driven by trade‑in subsidies, in the first half of this year China’s NEV production and sales reached 6.968 million and 6.937 million units, respectively, up 41.4% and 40.3% year‑on‑year.
Weakened Customer Demand
Korean and Japanese Companies Show Sluggish Growth
Compared with Chinese companies, in recent years the global market share of Korea’s three major battery manufacturers has been gradually declining, which is related to changes in demand in their main markets and among major customers. The Korean trio mainly rely on the European and U.S. markets and OEM clients there, but since the second half of 2023 those EV markets have clearly cooled. Moreover, an increasing number of European and U.S. customers, seeking to reduce costs and diversify risk, have chosen to hand part of their orders to Chinese companies.
As a result, the performance of Korean battery manufacturers has naturally been affected, and their market shares have declined. In the first half of this year, LG Energy Solution’s installed capacity was 47.2 GWh, with a year‑on‑year increase of only 4.4%, significantly lower than the industry average. This caused its market share to fall from 12.3% in the same period last year to 9.4%. SK On’s installed capacity was 19.6 GWh, up 10.7% year‑on‑year. Samsung SDI even recorded a decline in installed capacity, from 17.4 GWh in the same period last year to 16 GWh now. Overall, in the first half of this year the combined market share of the three major Korean battery manufacturers was 16.4%, whereas for full‑year 2023 and 2024 the figures were 23.1% and 18.4%.
Looking at the supporting vehicle models, LG Energy Solution’s batteries are mainly used in vehicles under Tesla, Chevrolet, Kia, and Volkswagen. SNE Research pointed out that in the first half of the year, the decline in sales of Tesla models led to a 28.9% year‑on‑year decrease in Tesla’s use of LG Energy Solution’s power batteries. Fortunately, the hot global sales of the Kia EV3 and the growth in North American sales of Chevrolet’s Explorer EV, Blazer EV, and Silverado EV became the main drivers of growth in LG Energy Solution’s installed capacity.
By contrast, SK On’s batteries are mainly used in models under Hyundai, Kia, Mercedes‑Benz, Ford, and Volkswagen. After facelifts, the Hyundai IONIQ 5 and Kia EV6 saw sales gradually recover, and with stable sales of the Volkswagen ID.4 and ID.7, SK On’s installed capacity increased. However, slowing sales of the Ford F‑150 Lightning caused Ford’s use of SK On’s power batteries to drop 13.4% year‑on‑year.
Samsung SDI’s main customers are BMW, Audi, and Rivian. BMW’s key EV models—the i4, i5, i7, and iX—all use Samsung SDI batteries. Among them, sales of the best‑seller i4 declined, resulting in a 5% year‑on‑year drop in BMW’s use of Samsung SDI power batteries. In addition, although sales of Rivian’s R1S and R1T in the U.S. remained stable, the newly launched standard‑range versions are equipped with Gotion High‑Tech’s LFP batteries, reducing Samsung SDI’s share in Rivian’s battery supply. However, with the start of sales of the Audi Q6 e‑tron, Audi’s use of Samsung SDI’s power batteries increased 8.8% year‑on‑year.
Besides Korea’s big three, the market share of Japan’s Panasonic is also declining. In the first half of this year, Panasonic ranked sixth with 18.8 GWh of installed capacity, a year‑on‑year increase of 14.4%, below the industry average, and its market share fell from 4.5% in the same period last year to 3.7%. As is well known, Panasonic mainly supplies batteries to Tesla, and Tesla’s sales this year have been less than ideal, especially amid continued weakness in Europe. In the first half, Tesla’s global sales were 720,800 units, down 13.3% year‑on‑year, which dealt a considerable blow to Panasonic. In addition to Tesla, Panasonic also supplies batteries to Japanese automakers such as Toyota, Subaru, and Mazda, but their pace of electrification is relatively slow and cannot provide much support to Panasonic in the short term.
Seeking New Growth Drivers
Pushing into Overseas Markets with Different Areas of Emphasis
At present, both Chinese and Korean/Japanese manufacturers are vying for overseas opportunities to find new growth drivers. The difference is that Chinese companies are targeting Europe and Southeast Asia, while Korean and Japanese manufacturers are focusing on Europe and North America.
Europe and North America are the world’s second‑ and third‑largest EV markets after China, but for well‑known reasons, Chinese companies face limitations in North America; thus Europe—home to numerous automakers—and Southeast Asia, which is vigorously advancing green transformation, have become popular destinations for Chinese investment.
Take CATL as an example: it is steadily advancing construction of its Hungary plant, its Indonesia plant, and its joint LFP plant in Spain with Stellantis, accelerating its global strategy. Among these, the Hungary plant is CATL’s second production base in Europe after Germany and one of its most important overseas factories. Phase One is expected to start production by year‑end, at which point it can supply Mercedes‑Benz, BMW, Volkswagen, and other automakers, serving major European markets. In addition, CATL is also laying out battery recycling, planning to work with local governments to build a recycling system. The joint LFP battery plant in Spain with Stellantis is expected to begin trial production at the end of 2026, with a planned capacity of 50 GWh. In Indonesia, CATL is cooperating with local companies to invest in nickel resources and battery industry‑chain projects.
Chinese battery companies including BYD, Gotion High‑Tech, EVE Energy, SVOLT, Envision AESC, and Sunwoda are likewise accelerating overseas factory construction. Among them, BYD’s vehicle plants in Brazil and Hungary are paired with battery pack assembly plants. EVE Energy’s Hungary plant is under construction and is expected to start production in 2027, focusing on 46‑series large cylindrical cells, initially supplying BMW’s “Neue Klasse” models and later covering other European automakers and the energy‑storage market. Sunwoda’s Hungary plant is expected to start production in the second half of 2026. As for SVOLT’s Thailand plant, and Gotion High‑Tech’s Germany and Thailand plants, they have already started production. Envision AESC’s France plant began production in June this year, and its second U.K. plant, as well as plants in Spain and Hungary, are under construction.
Overall, the overseas deployment of Chinese power battery companies has shifted from “staking claims” to “intensive cultivation.” Through supply‑chain coordination, technological innovation, and localized operations, they are gradually building global competitiveness.
Compared with Chinese companies, Korea’s three major battery manufacturers began their European deployments earlier, but they urgently need to cope with intensifying competition as local OEM supply chains diversify. In the United States, leveraging the Inflation Reduction Act passed in 2022, Korean battery manufacturers have built multiple battery plants jointly with GM, Ford, Stellantis, and other OEMs, some of which have already gone into production. Panasonic’s battery factories are mainly located in North America and Japan.
It is worth noting that changes in U.S. policy are affecting the layouts of Korean and Japanese companies. SNE Research pointed out that after the passage of the U.S. “Big and Beautiful” Act, the previously generous clean‑energy tax credits under the Inflation Reduction Act were substantially curtailed, and the “Foreign Entity of Concern (FEOC)” rule was introduced, restricting the eligibility of batteries and raw materials linked to certain countries (particularly China) to receive tax credits. This has had far‑reaching ripple effects on the EV and battery industries. In response, Korean battery manufacturers are adopting medium‑ to long‑term strategies such as increasing local production capacity in North America, reducing reliance on Chinese raw materials, and strengthening localization of their supply chains. Panasonic is likewise striving to reduce its dependence on Chinese raw materials, increase local procurement, and seek new sources to enhance the stability of battery production.
In addition, the United States will end its long‑standing EV subsidy policy at the end of September, and the EV market is expected to be affected. Combined with the fact that the U.S. EV market has underperformed previous expectations, some manufacturers have adjusted their U.S. battery investment projects. For example, Japanese media reported not long ago that due to uncertain market prospects, Panasonic has decided to postpone the timetable for full‑capacity production at its newly built U.S. battery plant; Envision AESC has also put its South Carolina battery plant project on hold; and CATL’s battery project with Ford in Michigan faces a risk of suspension. This reflects companies’ cautious attitudes toward market prospects.
Expanding the Energy‑Storage Business
Building a Second Growth Curve
It is noteworthy that for mainstream battery manufacturers, competition in the EV market is becoming increasingly fierce. As global EV sales growth slows, power‑battery businesses have been affected to some extent, and the urgency of expanding into new businesses is becoming more pronounced. In this context, energy storage has become the second growth curve for many battery manufacturers, and its contribution to revenue is gradually increasing.
Take SVOLT as an example: through large orders from Stellantis and BMW MINI, it has achieved large‑scale overseas deliveries and accumulated extensive experience in going global, while also accelerating cooperation with multiple overseas automakers and in energy storage and other fields. In the energy‑storage segment, SVOLT’s products have entered more than 30 countries, with over 200 cumulative projects. In just the first half of this year, SVOLT received more than 4 GWh of energy‑storage battery orders, over 50% of which were for export. The company plans to rapidly increase the share of overseas deliveries, with energy‑storage battery shipments expected to reach 5 GWh in 2025 and 8 GWh in 2026.
CATL is following a similar path. Financials show that in the first half of this year, CATL’s energy‑storage battery systems revenue was 28.4 billion yuan, down 1.47% year‑on‑year; gross margin was 25.52%, up 1.11 percentage points year‑on‑year. It can be seen that CATL’s energy‑storage revenue slowed compared with last year but remained at a high level, accounting for about 16% of the company’s total revenue, with profitability steadily strengthening—already an important growth pole for the company. In May this year at the Intersolar Europe battery‑storage exhibition in Munich, CATL released the 9 MWh ultra‑large‑capacity energy‑storage system solution TENER Stack. In June, at its “Energy Storage 587 Technology Day,” CATL announced that its 587 Ah large‑capacity energy‑storage cell had officially entered mass production and delivery.
CATL pointed out that, driven by countries’ clean‑energy transition goals—and as the proportions of wind and solar installations rise, the flexibility requirements of power systems increase, energy‑storage technology advances, and system costs decline—market demand for energy‑storage batteries continues to grow rapidly.
EVE Energy, which is seeking a Hong Kong listing, stated clearly in its prospectus that the funds to be raised will be primarily invested in a 30 GWh power‑battery plant in Hungary and a 38 GWh energy‑storage battery project in Malaysia, accelerating its global capacity layout. Reportedly, the Malaysia energy‑storage project is positioned as a “multi‑scenario lithium‑battery production base that covers Asia and radiates to the world.” EVE Energy stated that capacity expansion will help it better capture the rapid growth opportunities in the global energy‑storage battery market and further consolidate its market position.
Korean and Japanese manufacturers naturally do not want to miss the take‑off of the global energy‑storage market, especially in North America. In May this year, LG Energy Solution’s first energy‑storage battery plant in Michigan, USA, went into production, with a planned capacity of 16.5 GWh. The company plans to increase its North American energy‑storage battery capacity to 30 GWh by the end of 2026. Samsung SDI plans to convert part of its North American power‑battery lines to energy‑storage battery production to improve line utilization. Around the supply of LFP materials for the North American market, SK On recently signed a memorandum of understanding with Korean battery‑materials manufacturer L&F, hoping to accelerate entry into North America’s fast‑growing energy‑storage field.
Panasonic also recently stated that in April–June this year, operating profit in its energy segment (which houses its battery business) increased 47% year‑on‑year to 31.9 billion yen. Panasonic noted that, driven by the AI investment boom, demand for energy‑storage systems for data centers “exceeded expectations,” bringing the company new growth opportunities.
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