Warren Buffett-backed BYD Manufacturing Company Limited. (OTC:BYDDY) (OTC:BYDDF), which has a thriving plug-in hybrid and electric vehicle (EV) manufacturing business, is also making waves in its ancillary EV battery manufacturing business.
What Happened: In July, BYD became the second largest EV battery manufacturer globally, trailing only China's Contemporary Amperex Technology Co. Ltd., also known as CATL, according to new data released by South Korea's SNE Research. In the process, BYD overtook LG Energy Solution Ltd.
In July, BYD supplied 6.4 gigawatt-hours of battery capacity, an astounding 205% increase from a year-ago period. It now controls 16.2% of the market due to its strong growth. In comparison, CATL, the frontrunner, nearly doubled its production to 13.3 GWh of battery capacity, and, as a result, held a dominant 33.5% market share.
South Korea's LG Energy Solution, a spin-away unit of LG Chem, which supplied 4.4 GWh capacity, reported a meager growth of 5.9%, taking its market share to 11%.
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Japan's Panasonic Holdings Corporation (OTC:PCRFY) and South Korea's SK Innovation stood fourth and fifth, respectively, with market shares of 7.2% and 6%.
The numbers for the first seven months of the year showed that LG Energy was still ranked second with a 14.2% market share, down from 23% in the year-ago period. BYD was a close second, with production at 34.3 GWh of capacity and market share at 12.6%.
CATL ruled the roost with production and market share at 83.6 GWh and 34.7%, respectively.
BYD's strong showing reflected solid EV demand in its home market, China, and the increasing global adoption of these green-energy vehicles.
Price Action: BYD closed Friday's session down 6.88% at $54.85 in New York, according to Benzinga Pro data. On Tuesday, its Hong Kong-listed shares are trading 2.60% higher at $220.60.