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SHANGHAI/SEOUL, June 23 (Reuters) – Chinese battery giant Modern day Amperex Know-how Co Ltd (CATL) has equipped electric powered vehicle (EV) batteries to South Korea’s Kia Corp (000270.KS), the corporations claimed on Thursday, marking Kia’s first use of non-Korean EV batteries for gross sales at house.
The South Korean automaker, an affiliate of Hyundai Motor Co (005380.KS), has picked out batteries from CATL for its electrical Niro crossover SUV, aiming at expanding its selection of battery suppliers, a South Korean newspaper noted on Wednesday.
“With sales of its battery electrical vehicles escalating globally, Kia is cooperating with different battery suppliers to diversify and stabilize battery provide,” Kia reported in a statement to Reuters, confirming the use of CATL’s batteries.
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A CATL spokesperson also confirmed the report, without elaborating.
CATL, whose consumers involve Tesla Inc (TSLA.O) and Volkswagen AG (VOWG_p.DE), is the world’s greatest battery maker.
Sector tracker SNE Exploration suggests the company has a share of much more than 35% of the booming international EV battery marketplace. Analysts say the industry is really worth tens of billions of bucks a year.
For domestic EV revenue, Hyundai Motor and Kia have previously used only batteries from two South Korean companies – LG Power Remedy Ltd (373220.KS) and SK Innovation Co Ltd’s (096770.KS) SK On.
Individuals battery makers and domestic peer Samsung SDI Co Ltd (096770.KS) collectively command additional than a quarter of the world EV battery sector, in accordance to SNE Analysis.
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Reporting by Zhang Yan in Shanghai and Heekyong Yang in Seoul Enhancing by Muralikumar Anantharaman and Bradley Perrett
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