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SHANGHAI/SEOUL, June 23 (Reuters) – Chinese battery giant Modern Amperex Technological know-how Co Ltd (CATL) has provided electric car (EV) batteries to South Korea’s Kia Corp (000270.KS), the companies stated on Thursday, marking Kia’s to start with use of non-Korean EV batteries for income at property.
The South Korean automaker, an affiliate of Hyundai Motor Co (005380.KS), has selected batteries from CATL for its electric powered Niro crossover SUV, aiming at growing its array of battery suppliers, a South Korean newspaper documented on Wednesday.
“With sales of its battery electrical vehicles rising globally, Kia is cooperating with various battery suppliers to diversify and stabilize battery offer,” Kia claimed in a statement to Reuters, confirming the use of CATL’s batteries.
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A CATL spokesperson also verified the report, with out elaborating.
CATL, whose shoppers involve Tesla Inc (TSLA.O) and Volkswagen AG (VOWG_p.DE), is the world’s biggest battery maker.
Sector tracker SNE Analysis claims the firm has a share of additional than 35% of the booming world-wide EV battery marketplace. Analysts say the marketplace is value tens of billions of dollars a yr.
For domestic EV product sales, Hyundai Motor and Kia have formerly utilized only batteries from two South Korean corporations – LG Electricity Solution Ltd (373220.KS) and SK Innovation Co Ltd’s (096770.KS) SK On.
Those battery makers and domestic peer Samsung SDI Co Ltd (096770.KS) collectively command a lot more than a quarter of the world EV battery market, according to SNE Study.
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Reporting by Zhang Yan in Shanghai and Heekyong Yang in Seoul Enhancing by Muralikumar Anantharaman and Bradley Perrett
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