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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.
“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.