Connected Car
With the entire auto industry moving toward electrification, electric vehicle (EV) batteries are an increasingly important commodity and at the heart of it is a Chinese company. The company has been dominating EV battery sales globally for the past few years, although that dominance now seems to be under threat. CATL’s global EV battery market shareAccording to Bloomberg, the CATL held 37.1% of the global market share for EV car batteries between January and November 2022. Its closest competitor was the Warren Buffet-backed Chinese company BYD with a 13.6% market share, while third place went to LG Energy Solution with 12.3%. With these laws coming into effect by January 2024, this could mean the end of CATL EV batteries in the U.S.