Tesla Inc (NASDAQ:TSLA) and Xpeng Inc (NYSE:XPEV) battery supplier Contemporary Amperex Technology Co, Ltd (CATL) grabbed a market share of 50% in March among electric vehicle battery makers in China, as per a report by Merrill Lynch.
What Happened: CATL’s installed capacity rose 155% on a year-on-year basis.
Tesla China accounted for 30% of its client share in March while Xpeng and Geely's share was at 7% and 6%, respectively.
Warren Buffett-backed BYD Co (OTC:BYDDY) secured the second rank with installed capacity rising 346% year on year.
Overall battery installation capacity increased 140% to 22.2 GWh in March, the report said.
See Also: Tesla, Nio Battery Supplier CATL Retains Dominance Of Chinese Market In 2021 With 52% Share
Why It Matters: Electric vehicle adoption is on the rise in China. Battery makers including China’s CATL and South Korea’s LG Energy Solutions are setting steep targets to cater to growing demand amid a green push by global automakers.
A report by SNE Research in September named CATL as the frontrunner in battery manufacturing for EVs, with a lion’s share of the global market.
Price Action: Tesla stock closed 4.96% lower at $977.2 a share on Wednesday.
Photo courtesy: Tesla
