Slow electric car demand hits battery sales by Panasonic, BYD
Panasonic Corp. and BYD Co. saw sharp declines in sales of electrified-vehicle batteries in October as demand weakened in the U.S. and China, SNE Research said.
Measured by capacity, sales by Panasonic fell 38%, while BYD’s plunged 66%, causing it to lose its No. 3 ranking to South Korea’s LG Chem Ltd., the research firm said Thursday. Sales by market leader Contemporary Amperex Technology Co. Ltd. declined 17%.
Slumping electric-car demand in China is pulling down the global market and weighing on battery purchases by automakers. Sales of new energy vehicles, which includes electric cars, plug-in hybrids and fuel-cell autos, have declined for five consecutive months in China after the government scaled back subsidies.
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“There are growing concerns about the global battery market as demand in the U.S. and China are expected to remain weak for the time being," SNE Research said in a statement.
