CATL continued to be No. 1, while BYD dropped to No. 3 after being overtaken by LG Energy Solution for the first time since December 2022.

Contemporary Amperex Technology Co Ltd (CATL, SHE: 300750) continued to lead the global electric vehicle (EV) battery market in the first two months of the year, while BYD (HKG: 1211, OTCMKTS: BYDDY) was overtaken by South Korea's LG Energy Solution for the first time in more than a year.

In January-February, global battery consumption for EVs totaled 92.4 GWh, up 27.0 percent from 72.7 GWh in the same period last year, according to data released today by South Korean market research firm SNE Research.

CATL's installed battery volume in January-February was 35.5 GWh, up 44.9 percent from 24.5 GWh in the same period last year.

The Chinese power battery giant continued to rank first in the world with a 38.4 percent share and remains the only battery supplier in the world with a market share of more than 30 percent.

This was higher than its 33.6 percent share in January-February 2023, but lower than its 39.7 percent share in January 2024.

South Korea's LG Energy Solution saw a 24.8 percent year-on-year increase in power battery installations to 12.7 GWh in the January-February period.

The company ranked second in the January-February period with a 13.7 percent share, down from 13.9 percent a year earlier, but up from 11.4 percent in January 2024.

BYD's power battery installations were 12.1 GWh in January-February, down 3.1 percent from 12.5 GWh in the same period last year.

The company ranked third in the January-February period with a 13.1 percent share, down from 17.1 percent in the same period a year ago, and down from 14.4 percent in the January 2024 period.

This is the first time since December 2022 that LG Energy Solution has overtaken BYD in the rankings published each month by SNE Research, according to data monitored by CnEVPost.

Japan's Panasonic was fourth with a 6.7 percent share, while South Korea's Samsung SDI and SK On were fifth and sixth with 5.6 percent and 4.5 percent, respectively.

China's CALB, Gotion High-tech, Eve Energy, and Svolt ranked seventh, eighth, ninth, and tenth, respectively, with shares of 3.8 percent, 1.9 percent, 1.8 percent, and 1.8 percent in January-February.

China's EV battery installations in Feb: CATL share 55.16%, BYD 17.75%