CATL has provided electric powered car or truck batteries to South Korea’s Kia Motors – CATL Spokesperson

The 2023 Kia Telluride was unveiled at the 2022 New York International Vehicle Exhibit in Manhattan, New York City, United states on April 13, 2022. REUTERS/Brendan McDermid

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SHANGHAI/SEOUL, June 23 (Reuters) – Chinese battery large CATL (CATL) has equipped electrical car (EV) batteries to South Korea’s Kia Corp (000270.KS), CATL mentioned on Thursday. , marking the to start with time Kia has utilised a non-South Korean EV battery offered domestically.

The South Korean automaker, a unit of Hyundai Motor (005380.KS), has picked out CATL cells for its electric powered Niro crossover SUV, a South Korean newspaper described on Wednesday, as it aims to grow its array of battery suppliers.

A CATL spokesman verified the report with out elaborating. Kia experienced no instant comment when contacted by Reuters.

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CATL is the world’s most significant battery maker, and its purchasers involve Tesla Inc (TSLA.O) and Volkswagen AG (VOWG_p.DE).

Market tracker SNE Investigation stated the corporation has a more than 35 % share of the booming world-wide electric motor vehicle battery current market. Analysts say the marketplace is truly worth tens of billions of bucks a 12 months.

For domestic EV sales, Hyundai and Kia earlier only made use of batteries from two South Korean providers – LG Strength Alternative Ltd (373220.KS) and SK Innovation Co Ltd (096770.KS) SK On.

These battery makers and domestic peer Samsung SDI Co Ltd (096770.KS) with each other account for additional than a quarter of the world wide EV battery market, according to SNE Exploration.

Reporting by Zhang Yan in Shanghai and Hee-kyung Yang in Seoul Modifying by Muralikumar Anantharaman and Bradley Perrett

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