The Asian Battery Companies Charging the EV Transition (Academic research)

Summary

• In 2025, CATL held 39.1% of the global EV battery market, BYD 16.4% and LG Energy Solution 9.3%.p.2
• BYD delivered 2,256,714 BEVs in 2025, compared with Tesla's 1,636,129.p.1
• BYD also sold 2,288,709 plug-in hybrids, compared with Tesla's zero.p.2
• Since 2022, the U.S. has recorded $141 billion in battery-related project investments.p.10
• The Inflation Reduction Act provides a maximum $45/kWh credit for battery cells and packs made in the U.S.p.10
• LG Energy Solution completed the largest IPO in South Korean history in January 2022, raising $10.7 billion.p.24

Key insights

1. Asia is home to all the leading EV battery companies, while the United States has no major EV battery maker.p.2
2. The next EV battery makers in 2025 were CALB (5.3%), Gotion High Tech (4.5%) and SK On (3.7%).p.5
3. Elon Musk invested $6.35 million of the $7.5 million raised in Tesla's first round of venture funding.p.1
4. In 2009 Panasonic spent $4.6 billion to gain a controlling stake in Sanyo.p.16
5. Panasonic invested $4 billion in a wholly-owned 32 GWh battery factory in De Soto, Kansas.p.19
6. In 2019 Panasonic reported a $180 million loss driven by Tesla's production problems and refused to finance a planned 54 percent expansion of the Gigafactory.p.18
7. The Bolt battery recall affected 141,000 vehicles and cost LG Chem about $2 billion.p.24
8. Tesla agreed in 2026 to purchase $4.6 billion in LFP cells from LGES for its Megapack 3.p.25