SK On emerged during the first quarter as the sole South Korean battery maker to increase its market share in the global EV battery market outside China, defying headwinds from fast-growing Chinese rivals.
The company captured 10.6 percent of the global market between January and March, up from 9.9 percent a year earlier, overtaking Samsung SDI to become the world’s No. 3 EV battery supplier, according to a report Friday from SNE Research.
Battery usage in newly registered EVs reached 10.4 gigawatt-hours, marking a 35.5 percent jump from 7.7 GWh a year prior.
The growth is largely attributed to increased sales of some models from Hyundai Motor, Kia, Mercedes-Benz and Volkswagen that are equipped with SK On’s pouch batteries, the report said.
Hyundai Motor’s strong US EV sales played a key role, with SK On batteries powering its flagship models, including those under its luxury division, Genesis. In particular, the Ioniq 5, equipped with an SK battery, stood out with 8,611 units sold in the US in the first quarter — a 26 percent increase from a year earlier.
SK On’s partnership with Hyundai Motor Group is set to deepen with the construction of a joint battery plant in Bartow County, Georgia. The facility, slated to begin operations in early 2026, will supply batteries to Hyundai and Kia production sites in the region.
By contrast, LG Energy Solution and Samsung SDI — the world’s No. 2 and No. 4 EV battery suppliers — saw their market shares decline in the same period.
LG Energy Solution’s share slipped from 24.4 percent to 22.3 percent, despite a 15.3 percent increase in battery usage to 21.9 GWh.
The firm underperformed compared to overall market growth, weighed down by slower sales of Tesla models equipped with its batteries.
Samsung SDI’s market share fell more sharply to 7.4 percent from 11.3 percent, amid growing competition from newly launched EV models that rival those using its battery systems.
Meanwhile, leading Chinese battery makers, including CATL, BYD, Gotion and CALB continued to post robust gains.
BYD, which is also the world’s largest EV maker, saw battery usage surge 104.7 percent on-year, lifting its market share to 6.4 percent and underscoring its dual push in both car production and battery supply.
forestjs@heraldcorp.com
