EcoPro, Panasonic Holdings, CATL: A Comparison of Battery Companies from South Korea, China, and Japan

Overview of EcoPro (South Korea)

EcoPro is a company from South Korea that manufactures electric vehicle (EV) battery materials.

EcoPro primarily manufactures cathode materials used in EV batteries, which are essential components of lithium-ion batteries. The company has been growing based on its technological prowess and occupies a significant position in the market through collaborations with domestic and overseas battery manufacturers.

EcoPro BM plans to start construction of a cathode material joint venture plant with SK On and Ford. It is also venturing into EV battery recycling with LG Energy Solution and maintains a continuous partnership with Samsung SDI.

Overview of Panasonic Holdings (Japan)

Panasonic Holdings is a representative electronics and solution provider company in Japan. They engage in businesses ranging from consumer electronics to communication equipment, automotive and industrial equipment, and lithium-ion battery-related operations for EVs.

With a long history and tradition, Panasonic holds a high market share and has been recognized for its collaboration with Tesla in the EV battery segment.

Globally, the company has extensive R&D, manufacturing, and sales networks, especially wielding strong influence in major regions like North America, Asia, and Europe.

They first gained attention through their collaboration with Tesla and jointly produce lithium-ion battery cells for EVs at the Gigafactory located in Nevada. As a primary battery supplier for Tesla, they have provided battery cells for various vehicle models, including Model S, Model X, and Model 3.

Additionally, they generate revenue from various markets, such as Energy Storage Systems (ESS) and residential battery storage devices.

Overview of CATL (China)

CATL is based in Hunan Province, China, and manufactures lithium-ion battery cells and packs for EVs, as well as Energy Storage Systems (ESS) and industrial batteries.

With the rise of electric vehicles, it has grown rapidly to become the world’s largest EV battery manufacturer.

CATL has established partnerships with various global electric vehicle manufacturers, including BMW, Volkswagen, Daimler, Tesla, and Honda.

Beyond China, they have set up production and research facilities in countries like Germany and Indonesia. Recognizing environmental issues related to recycling, they strive to improve their manufacturing and recycling processes in a sustainable manner.

Battery Company Comparison: Technology

EcoPro Battery Technology

EcoPro produces everything from the electrolyte to the cathode material in one go, adapting to changes in products. They possess over 10 years of verified mass-production technology. By securing top-notch technology such as surface and structural stabilization, residual lithium control, and high-density particle control, they aim for product diversification and customer diversification. They’re expanding their market dominance through things like advanced development of next-generation models with major clients. Additionally, they are making efforts to increase their production capacity continuously to match the growth of the EV market.

The NCA Series is the only Ni-Rich, High-end material in South Korea, displaying the highest reversible capacity among the existing cathode materials. Also, various custom-tailored NCA Modelings are possible depending on the demands of clients.

Furthermore, in collaboration with Samsung SDI, they’ve established EcoProEM and are currently mass-producing the high-nickel NCA cathode material.

High-nickel cathode materials are batteries that reduce the proportion of cobalt in the cathode and significantly increase the nickel content to 80-90%. Nickel has a high energy density, which allows for longer driving distances on a single charge and the manufacture of high-output electric cars.

Panasonic Holdings Battery Technology

Panasonic Holdings has decided to build two battery plants in the North American market to produce the 4680 cylindrical battery. The 4680 battery is considered a next-generation battery that significantly extends the driving range of electric vehicles. Through the expansion of the plants, they aim to increase their annual production capacity to 200GWh by 2031. Considering the current North American CAPA, this is a number five times higher.

The 4680 battery, which Panasonic Holdings is developing, was first mentioned by Tesla in 2020. Compared to the existing 2170 battery, the energy density is five times higher, the output is increased sixfold, production costs are reduced by 54%, and the driving range can be extended by 16%. Panasonic was the first company in the world to develop a cylindrical lithium-ion battery and leads the cylindrical battery market.

However, although Panasonic set the release for the 4680 cylindrical battery between April 2023 and March 2024, it has been postponed to September 2024.

CATL Battery Technology

CATL develops LFP batteries. LFP batteries use iron phosphate, which is highly heat-resistant, as the cathode material. They are safer and have a lower risk of fire compared to NCM batteries.

They are inexpensive, long-lasting, and do not explode even at temperatures as high as 350°C. However, they have a lower energy density, which results in a shorter driving range, lower instantaneous output, and heavier weight. While traditionally evaluated as being inferior to NCM batteries in terms of quality, technological evolution has improved their energy density. As price competition becomes crucial, the number of global automobile manufacturers adopting LFP batteries is increasing.

On August 17, 2023, CATL announced the development and impending production of the ‘Sunshine’ electric vehicle LFP battery, which can travel 400 km on just a 10-minute charge.

Deliveries of the Sunshine battery are expected to start in about six months. A full charge takes 15 minutes, and the maximum driving range is 700km. It can also charge up to 80% in just 30 minutes at -10°C, overcoming traditional drawbacks.

Battery Company Comparison : Market Share

CATL holds a market share of 30%. The influence of the domestic market in China seems significant.

In South Korea, the combined market share of LG Energy Solution, Samsung SDI, and SK On is 26%.

Panasonic holds a market share of 5%.

In terms of sales revenue, CATL stands at $13 billion, Korean companies combined at $11 billion, and Panasonic at $2.1 billion.

Global Electric Vehicle Sales Forecast

Forecast of Battery Usage by Top 6 Battery Manufacturers

Battery Company Comparison : Overall Assessment

CATL’s battery usage is expected to maintain the top position in 2025, followed by BYD, LG Energy Solution, Panasonic, SK On, and Samsung SDI, respectively. However, in markets outside of China, LG Energy Solution is projected to take the lead. The market share in non-Chinese markets for the three Korean companies (LG Energy Solution, SK On, Samsung SDI) is also expected to account for more than half.

Based on the projections for 2025, in terms of regional market share, Panasonic is expected to lead the North American market with 31%, while LG Energy Solution will likely take the top spot in the European market with 41%. In China, Chinese companies are expected to dominate, whereas in Europe and North America, Korean and Japanese companies will likely take the lead. In other markets, CATL and the three major South Korean companies are projected to show strong performances.

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