Panasonic Corp. and BYD Co. saw sharp declines in sales of batteries for electric vehicles in October as demand weakened in the U.S. and China, SNE Research said.
Measured by capacity, sales by Panasonic fell 38 percent, while BYD shipments plunged 66 percent, causing it to lose its No. 3 ranking to South Korea’s LG Chem, the research firm said Thursday. Sales by market leader Contemporary Amperex Technology Co. declined 17 percent.
Slumping EV demand in China is pulling down the global market and weighing on battery purchases by automakers. Sales of new energy vehicles, which includes EVs, 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.