Tesla supplier CATL controls two-fifths of the global EV battery market, but the Warren Buffett-backed company has seen the fastest growth

Tesla Inc.'s TSLA battery supplier, Contemporary Amperex Technology Co. Limited, or CATL, cemented its dominant position in the electric vehicle battery market towards the end of 2022, according to a new report.

What happened: The Ningde, China-based manufacturer's electric vehicle battery market share fell to 40.9% in November 2022 from 36.9 % a year ago and 37.6% in October, showed data published by SNE Research.

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Year-over-year, CATL's installed capacity jumped 83.4% to 23.4 gigawatt hours.

BYD Manufacturing Company Limited, backed by Warren Buffett, BYDDY BYDDF lags far behind, with a 15.6% market share and recorded 147.6% year-on-year growth of installed capacity at 8.9 GWh.

LG Energy Solutions' overall market share in South Korea was 11.9% and its installed capacity increased by 28%.

The Japanese company Panasonic Holdings Corp. PCRFY experienced a 2.5% decline in installed capacity year over year and its market share nearly halved to 5.8%. Samsung SDI and SK Innovations took the fifth and sixth positions respectively.

Global electric vehicle battery usage in November was 57.2 GWh, about 1.7 times higher than the same period last year, with China topping the rest of the markets, according to the report.

CATL's cumulative market share for the first 11 months of the year was 37.1%, compared to 32.2% last year. BYD had a 13.6% market share in the first three quarters.

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