(Yicai Global) Feb. 2 -- Contemporary Amperex Technology said the Chinese power battery giant is performing just as well as South Korean rivals for international orders, according to a report The Paper published yesterday that did not disclose specific figures.

CATL topped the list for global installed capacity of electric vehicle power batteries in the first 11 months of last year, with 165.7 gigawatt-hours out of a total of 446 GWh, according to a ranking compiled by SNE Research. China’s BYD surpassed South Korea’s LG Energy Solution to take second place, while CATL and BYD accounted for more than half of the global market.

But South Korean firms dominated the overseas market. Factoring out China, left LG Energy in first place with 43.7 GWh and a market share of just over 30 percent in the first nine months of 2022, according to SNE Research figures. Ningde-based CATL and Japan’s Panasonic ranked second with a market share of 18.9 percent each.

South Korea’s top three battery makers, LG Energy, Samsung SDI, and SK On, have already landed orders worth more than KRW1,000 trillion (USD821 billion) for this year, SNE Research said.

To seize a bigger global market share, CATL may have to focus on Europe and even emerging markets in Southeast Asia, as much uncertainty still surrounds the company’s plans to build production capacity in North America, according to industry insiders.

Bloomberg News reported yesterday that CATL is considering issuing global depository receipts in Switzerland as soon as this year to raise between USD5 billion and USD6 billion. China Securities, China International Capital, Goldman Sachs, and UBS Securities are expected to arrange the sale. When asked by The Paper about the listing on the Six Swiss Exchange, CATL did not deny it.

Editor: Futura Costaglione