Benzinga | Dec 10, 2021 06:21AM EST

Tesla, Nio Battery Supplier CATL Made Up For More Than Half Of China's Power-Battery Market In November

Tesla Inc (NASDAQ:TSLA) and Nio Inc (NYSE:NIO) battery-supplier CATL grabbed more than half of China's power battery market in November, cnEVpost reported, citing the China Automotive Battery Innovation Alliance.

What Happened: China's largest battery supplier extended its lead to 55% in November, compared with 49.9% in October.

CATL installed 11.45 GWh of power batteries in China last month.

Billionaire investor Warren Buffett-backed BYD Co (OTC:BYDDY) ranked second with 16.6% market share, compared with 20.4% share a month ago. BYD installed 3.46 GWh battery capacity during the month.

See Also: Chinese Consumers' Favorite EV Brand Is Not Tesla Or Nio But This Warren Buffett-Backed Company

Why It Matters: Automakers around the globe are rushing to secure battery supplies as they set steep targets to switch to electric vehicles.

A report by SNE Research in September named CATL as the frontrunner in battery manufacturing for electric vehicles, with a 32.5% global market share. It added that the top ten battery manufacturers in the world are in Asia and that China accounts for 44.1% of the EV battery market.

Besides Tesla and Nio, CATL is also a battery supplier for Volkswagen Ag (OTC:VWAGY) and has recently begun supplying batteries to Ford Motor Co (NYSE:F) in China.

See Also: Major Tesla, Ford Battery Suppliers Say They Are Facing Crunch Of Research And Engineering Specialists