CATL has supplied EV batteries to S.Korea’s Kia – CATL spokesperson

The 2023 Kia Telluride is unveiled at the 2022 New York Global Vehicle Display, in Manhattan, New York Metropolis, U.S., April 13, 2022. REUTERS/Brendan McDermid

SHANGHAI/SEOUL, June 23 (Reuters) – Chinese battery giant Modern day Amperex Engineering Co Ltd (CATL) has provided electric car (EV) batteries to South Korea’s Kia Corp (000270.KS), the providers mentioned on Thursday, marking Kia’s to start with use of non-Korean EV batteries for gross sales at property.

The South Korean automaker, an affiliate of Hyundai Motor Co (005380.KS), has chosen batteries from CATL for its electric powered Niro crossover SUV, aiming at increasing its vary of battery suppliers, a South Korean newspaper reported on Wednesday.

“With revenue of its battery electric powered motor vehicles developing globally, Kia is cooperating with different battery suppliers to diversify and stabilize battery source,” Kia claimed in a statement to Reuters, confirming the use of CATL’s batteries.

A CATL spokesperson also confirmed the report, devoid of elaborating.

CATL, whose shoppers include things like Tesla Inc (TSLA.O) and Volkswagen AG (VOWG_p.DE), is the world’s greatest battery maker.

Field tracker SNE Investigate states the company has a share of more than 35% of the booming worldwide EV battery market place. Analysts say the industry is worthy of tens of billions of dollars a year.

For domestic EV gross sales, Hyundai Motor and Kia have formerly utilised only batteries from two South Korean firms – LG Strength Solution Ltd (373220.KS) and SK Innovation Co Ltd’s (096770.KS) SK On.

Individuals battery makers and domestic peer Samsung SDI Co Ltd (096770.KS) jointly command far more than a quarter of the world-wide EV battery current market, in accordance to SNE Study.

Reporting by Zhang Yan in Shanghai and Heekyong Yang in Seoul Editing by Muralikumar Anantharaman and Bradley Perrett

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