China CATL, Hyundai Motor Company’s E-GMP 3rd volume Threat of three domestic battery companies

China CATL, Hyundai Motor Company’s E-GMP 3rd volume Threat of three domestic battery companies

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Input 2021.02.21 12:13

Hyundai Motor Company (005380)It is reported that SK Innovation and China’s CATL were selected as the third battery supplier for the group’s electric vehicle platform E-GMP.



Ionic brand product lineup rendered image. From left, Ioniq 6, Ioniq 7, Ioniq 5. / Provided by Hyundai Motor Company

According to industry sources on the 21st, Hyundai Motor Group recently announced that it selected CATL and SK Innovation in China as the battery supplier for the 3rd E-GMP electric vehicle platform to be released after 2023. It is reported that CATL of China won two batteries out of the three vehicle models ordered this time, and SK Innovation won one.

It is known that the volume of the third order has decreased from the originally known 20 trillion won. As for the 3rd E-GMP order, a total of 4 car models were ordered, including Ioniq 7 and Kia Sports Utility Vehicle (SUV), but the scale was reduced to 9 trillion won due to the absence of Ionik 7. For this reason, it is said that the battery of Ioniq 7 will be produced by a joint venture (JV) that Hyundai Motor and LG Energy Solutions are promoting in Indonesia.

Up to this 3rd volume, the battery of Hyundai Motor’s E-GMP-based exclusive electric vehicle model has become the third wave of SK Innovation, LG Energy Solution, and CATL. CATL supplies batteries to exclusive electric vehicles based on the Hyundai Motor Group’s E-GMP platform, which is the second time after jointly acquiring 16 trillion won worth of secondary vehicles (Ioniq 6, etc.) with LG Energy Solutions. All.

CATL is rapidly expanding its market with the support of the Chinese government. In last year’s global electric vehicle battery usage rankings announced by SNE Research, CATL’s market share was 24.0% (34.3GWh), ranking first, and LG Energy Solutions second with 23.5%. Among them, CATL’s market share excluding China from only 0.4% in 2019 increased to 6.5% last year. CATL is expanding its investment by building large-scale factories not only in China but also in Europe, the outpost of global automobile production.

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