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SHANGHAI/SEOUL, June 23 (Reuters) – Chinese battery huge Up to date Amperex Know-how Co Ltd (CATL) has provided electric powered car (EV) batteries to South Korea’s Kia Corp (000270.KS), the businesses said on Thursday, marking Kia’s 1st use of non-Korean EV batteries for income at property.
The South Korean automaker, an affiliate of Hyundai Motor Co (005380.KS), has picked batteries from CATL for its electric Niro crossover SUV, aiming at growing its variety of battery suppliers, a South Korean newspaper claimed on Wednesday.
“With profits of its battery electric powered vehicles growing globally, Kia is cooperating with several battery suppliers to diversify and stabilize battery supply,” Kia stated in a assertion to Reuters, confirming the use of CATL’s batteries.
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A CATL spokesperson also confirmed the report, without having elaborating.
CATL, whose clients incorporate Tesla Inc (TSLA.O) and Volkswagen AG (VOWG_p.DE), is the world’s premier battery maker.
Sector tracker SNE Research states the corporation has a share of additional than 35% of the booming international EV battery industry. Analysts say the market place is worth tens of billions of dollars a year.
For domestic EV revenue, Hyundai Motor and Kia have earlier applied only batteries from two South Korean firms – LG Energy Resolution Ltd (373220.KS) and SK Innovation Co Ltd’s (096770.KS) SK On.
Those battery makers and domestic peer Samsung SDI Co Ltd (096770.KS) with each other command more than a quarter of the worldwide EV battery marketplace, according to SNE Study.
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Reporting by Zhang Yan in Shanghai and Heekyong Yang in Seoul Editing by Muralikumar Anantharaman and Bradley Perrett
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