CATL to supply electric vehicle batteries to South Korea’s Kia

© Reuters. The 2023 Kia Telluride is unveiled at the 2022 New York International Auto Show in Manhattan, New York City, U.S., on April 13, 2022. REUTERS/Brendan McDermid

SHANGHAI/SEOUL (Reuters) – Chinese battery giant Ningde Times New Energy Technology Co Ltd (CATL) has supplied electric vehicle (EV) batteries to South Korea’s Kia, the CATL said on Thursday, marking the first time Kia has used a non-South Korean electric vehicle. The car battery is at home.

The South Korean automaker, a subsidiary of Hyundai Motor Co, has chosen CATL batteries for its electric Niro crossover SUV, a South Korean newspaper reported on Wednesday, as it aims to expand its range of battery suppliers.

A CATL spokesman confirmed the report without elaborating. Kia had no immediate comment when contacted by Reuters.

CATL is the world’s largest battery maker, and its customers include Tesla (NASDAQ: ) Inc and Volkswagen (OTC: ).

Industry tracker SNE Research said the company has a more than 35 percent share of the booming global electric vehicle battery market. Analysts say the market is worth tens of billions of dollars a year.

For domestic EV sales, Hyundai Motor and Kia previously only used batteries from two South Korean companies – LG Energy Solution Ltd and SK Innovation Co Ltd’s SK On.

Together, these battery makers and domestic peer Samsung (KS:) SDI Co Ltd control more than a quarter of the global EV battery market, according to SNE Research.

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