According to data from Korean renewable energy consultancy SNE Research, Chinese manufacturers’ share of the global EV battery market increased by a clear margin in 2022, with companies CATL, BYD, CALB, Gotion High-Tech, Sunwoda, and Farasis rising to a combined 60.4% from 48.2% in 2021. Since the US Inflation Reduction Act came into force, seen in some quarters as containing measures aimed at cutting China out of the US’s EV market, Chinese battery companies have looked to expand their presence in Asian and European markets instead. This brings their competition with South Korea into sharper relief. Although the use of batteries made by South Korean companies has been continuously increasing in recent years, its market share in 2022 dropped by 6.5%. South Korea’s three major EV battery manufacturers — LG Energy Solution, SK On, and Samsung SDI — accounted for 23.7% of the global market in 2022, according to SNE. [SNE Research]