CATL has provided EV batteries to S.Korea’s Kia

SHANGHAI/SEOUL (Reuters) – Chinese language battery large Modern Amperex Expertise Co Ltd (CATL) has provided electrical automobile (EV) batteries to South Korea’s Kia Corp, CATL mentioned on Thursday, marking Kia’s first use of non-Korean EV batteries for gross sales at house.

The South Korean automaker, an affiliate of Hyundai Motor Co, 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.

A CATL spokesperson confirmed the report with out elaborating. Kia didn’t have an instantaneous remark when contacted by Reuters.

CATL, whose shoppers embody Tesla (NASDAQ:) Inc and Volkswagen AG (OTC:), is the world’s largest battery maker.

Business tracker SNE Analysis says the corporate has a share of greater than 35% of the booming international EV battery market. Analysts say the market is price 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 and SK Innovation Co Ltd’s SK On.

These battery makers and home peer Samsung (KS:) SDI Co Ltd collectively command greater than 1 / 4 of the worldwide EV battery market, in accordance with SNE Analysis.