14May2025

GlobalEnergyStorage

ElectricRevolution:Divergence-Whichbatterymakershavethe

bestEVexposure?

NeilBeveridge,Ph.D.

+85221232648

neil.beveridge@

BrianHo,CFA

+85221232615

brian.ho@

HengliangZhang

+85221232629

hengliang.zhang@

Welcometothe2025editionofBernstein’sElectricRevolutionseries-ourannualcross-

sectorlookatthetransformationoftheEVlandscape.Thisyear’sthemeisdivergence:

whileChina’sEVmarketpushesaheadwithscaleandinnovation,theWestisslowing,facing

demandheadwinds,policyuncertainty,andrisingcosts.Theresult?AbifurcatedglobalEV

industry,withdistinctimplicationsforOEMs,suppliers,energyplayers,andinvestors.Inthis

notewereviewtherelationshipsbetweenOEM’sandbatterymakersandhowthisislikelyto

impactfuturesales.

CATLmaintaineditsleadingmarketsharein2024at36%(+0.5%-points),whilethat

ofLGESdeclinedto12%(-2.7%-points)andSDIwas4%(-1.3%-points).Although

partofthisisattributedtoEVaccelerationinChinaanddecelerationinthewest,Chinese

batterycellmakersaregainingmarketshareinEurope.InChina,theM/Sofmajorbattery

cellmakerswasstableandCATLmaintained42%M/S.InEurope,CATLincreasedM/S

to39%(vs.36%in2023)gainingsharefromVolkswagen,FordandHyundai-Kia,atthe

expenseofKoreancompanies.IntheUS,bothLGESandSKOngainedmarketshareby

6%-pointsand3%-pointsrespectively,whileCATL(Tesla)andSDI(Rivian)lostshare.

CATLhasthemostdiversifiedOEMcustomerbase.Otherbatterymakershave

highercustomerconcentrationrisk,notablyLGESandTesla,SDIandBMW,SKOn

andHyundai-Kia.ForCATL,Tesla(16%exposurein2024),Geely(12%),VW(11%)and

BMW(6%)matterthemost,butitalsohasalongtailofothers.ForLGES,Tesla(41%),

VW(17%)andGM(15%)arethekeycustomers.ForSDI,BMW(43%),VW(20%)and

Rivian(18%)matterthemost,whileSKOnishighlydependentonHyundai-Kia(49%)and

PanasonicdependentonTesla(98%).

ChinaEVmarketisontrackforanotheryearofrapidgrowth,whileex-China

VolkswagenandHyundai-Kiawhichhaveguidedto50%EVsalesgrowth.Leading

ChineseOEMslikeBYDandGeelyarealsoexpectedtogrowEVsalesby30-50%for

FY2025.ForUSOEMs,theoutlookischallengingwithpureEVcompaniesTeslaandRivian

givingmoreconservativeguidance,whilelegacyOEMssuchasFordandGMstillactively

embracingtheelectrification.TheconsensusforTeslaEVsalesgrowththisyearis-3%.

AmongEuropeanOEMs,VolkswagenisthemostpositivewiththeirtargetimplyingBEV

growthof20%-70%(45%atmidpoint).HyundaiMotor(whichSKOnisdependenton)also

guidedtoincreaseitsEVsalesvolumeby54%.

For2025SKOn(+39%),BYD(+38%)andCATL(+23%)areexpectedtohavethe

fastestbatterydemandgrowth.ForCATLVolkswagen,Geely,CheryandTeslawillbe

vitalforsalesthisyear.PotentialupsidefordemandisthroughsharegaininwesternOEMs

suchasVW,buttheriskslieincompetitioninChinaandOEMin-housebatterysupplysuch

asGeely.ForLGES,salesgrowthdependsonTeslaandVWwhiletherearedownsiderisks

fromcompetitioninEuropeandTesla’ssalesslowdown.SDIisdependentonBMWandthe

18%volumegrowthiscontingentonanEVsalesreboundofStellantisandVolkswagen.

Overthenext5years,KoreancompaniescouldstarttoshowbettergrowthiftheUS

marketstartstogrowandChinareachesmaturity.

SeetheDisclosureAppendixofthisreportforrequireddisclosures,analystcertificationsandother

importantinformation.Alternatively,visitourGlobalResearchDisclosureWebsite.

FirstPublished:13May202520:30UTCCompletionDate:13May202511:53UTC

NeilBeveridge,Ph.D.+85221232648neil.beveridge@14May2025

BERNSTEINTICKERTABLE

13May

2025

TTM

ReportedEPSReportedP/E(x)

Ticker

Rating

Closing

Price

Price

Target

Rel.

Perf.

2024A2025E2026E

2024A2025E2026E

300750.CH(CATL)

O

CNY

258.77

340.00

21.0%

CNY11.52

14.88

18.19

22.5

17.4

14.2

373220.KS(LGES)

M

KRW

312,000

307,000

(27.7)%

KRW(4,353.59)

1,884.41

7,639.39

(71.7)

165.6

40.8

051910.KS(LGChem)

O

KRW

203,000

310,000

(57.6)%

KRW(8,826.00)

11,113

34,678

(23.0)

18.3

5.9

006400.KS(SDI)

O

KRW

170,900

250,000

(69.2)%

KRW8,916.68

7,675.86

20,795

19.2

22.3

8.2

247540.KS(EcoProBM)

U

KRW

98,800

88,000

(62.5)%

KRW(991.00)

(80.00)

405.00

(99.7)

N/M

244.0

003670.KS(PoscoFutureM)

U

KRW

120,100

110,000

(66.0)%

KRW(2,740.96)

158.93

1,353.97

(43.8)

755.7

88.7

002466.CH(TianqiLithium)

O

CNY

29.81

47.00

(32.4)%

CNY4.45

(4.73)

1.22

6.7

(6.3)

24.5

9696.HK(TianqiLithium)

O

HKD

24.05

34.00

(34.4)%

CNY4.45

(4.73)

1.22

5.0

(4.7)

18.3

ASIAX

1,364.30

O-Outperform,M-Market-Perform,U-Underperform,NR-NotRated,CS-CoverageSuspended

002466.CH,9696.HKbaseyearis2023;

Source:Bloomberg,Bernsteinestimatesandanalysis.

INVESTMENTIMPLICATIONS

Thesalesgrowthforbatterymakersintheshorttomediumtermislargelydependentonwhichelectricvehiclesprovetobepopularandwhicharenot.Forourcoveredcompanies,CATLboaststhemostdiversifiedcustomerbase,whereas2025EVbatterydemandgrowthofLGESisheavilyreliantonVolkswagenandTesla.SamsungSDIsalesgrowthwillbedependentonareboundinEVsalesfromEuropeanOEMssuchasStellantisandVolkswagen.

In2024CATLmaintaineditsmarketshareat36%,whilethatofLGESdeclinedto12%(-2.7%-points)andSDIwas4%(-1.3%-points).WeexpectCATLtogrowitsEVbatterysalesby25%y-o-yin2025,followedbyLGES(15%)andSamsungSDI(15%).For2025bothCATLandLGESareprojectedtoexperiencea23%increaseinEVbatterydemand,followedbySamsungSDI

at18%.TheChineseEVmarketisexpectedtocontinueitsrapidgrowth,whileoutsideofChina,VolkswagenandHyundai-Kia,bothofwhichhaveguideda50%increaseinEVsalesthisyearwhichwillbenefitbatterymakersexposedtothesecompanies.ThistrendshouldpositivelyimpactCATLandSKOn(notcovered).Koreanbatterycellmakersfacerisksrelatedtopotential

marketshareloss,particularlywithEuropeanOEMslikeVolkswagen.Lookingfurtheraheadoverthenext5years,Koreancompaniescouldstarttoshowbettergrowth(20-25%CAGR)iftheUSmarketstartstogrowandChinareachesmaturity,

butmuchdependsonwhethertariffswillbeabletokeepChinesebatterymakersoutoftheUSandtheKoreanscanmaintaincurrentmarketshare.

FornowCATL(Outperform,CNY340)seemslikethemostinvestablestockthesectorataP/Eof15x(with25-30%EPS

growth)andannouncedplansforaHKIPOasaneartermcatalyst.WealsorateTianqiOutperform(HKD34forH-shareand

CNY47forA-share,Outperform)onapotentiallithiumpricerecoveryin2026.ForKoreanstocks,theneartermcouldremain

challenging.SDIandLGChem(bothon10xforwardP/E)offerbettervaluethanLGESwithmuchofthedownsidepricedinnow.WerateSamsungSDI(KRW250,000),andLGChem(KRW310,000)Outperform.WerateLGESMarket-Performwithaprice

targetofKRW307,000.WeratePoscoFutureM(KRW110,000)andEcoProBM(KRW88,000)Underperform.

GLOBALENERGYSTORAGE

NeilBeveridge,Ph.D.+85221232648neil.beveridge@14May2025

GLOBALENERGYSTORAGE

VALUATIONCOMPSTABLE

EXHIBIT1:Globalenergystoragecompaniescomparison

Company

Price

13-May

Curcy

EV

USDmn

Mktcap

USDmn

22A

P/E

22A

EV/Sales

23A24E

25E

SalesGrowth

23-24

23A

24E25E

LGES

312,000.0

KRW

65,668

51,235

73.0

44.3

-111.5224.3

3.3

2.63.7

3.5

-31%

CATL

258.8

CNY

144,595

158,266

37.9

26.0

22.317.7

3.0

2.52.8

2.4

-10%

SamsungSDI

170,900.0

KRW

16,258

8,508

5.6

5.8

12.339.3

1.0

0.91.3

1.5

-30%

Panasonic

1,607

JPY

23,722

28,074

15.1

18.1

9.712.5

0.4

0.40.4

0.4

-11%

BYD

395.8

HKD

143,143

154,533

66.0

36.1

28.320.1

2.4

1.71.4

1.1

24%

SKInnovation

90,200

KRW

40,584

9,560

4.9

22.8

-10.1-121.5

0.6

0.70.8

0.7

-12%

GotionHighTech

23.9

CNY

11,575

5,989

120.9

64.7

51.032.6

3.5

2.82.3

1.9

21%

Farasis

13.3

CNY

2,382

2,261

-37.1

-8.9

-30.3107.2

1.3

1.21.3

1.1

-11%

EVE

44.5

CNY

15,380

12,636

25.6

21.1

21.416.9

2.9

2.22.3

1.7

-1%

Sunwoda

20.0

CNY

7,923

5,127

31.1

33.4

22.316.8

1.1

1.11.0

0.9

8%

CALB

18.2

HKD

10,277

4,133

57.0

50.8

49.021.6

2.8

2.32.4

2.0

-4%

Company

LTM

%

RelLTM

%

LTM

High

LTM

Low

GPM(%)

23A

OPM(%)

23A

ND/E

22A23A

22A

EV/EBITDA

23A24E

25E

23EEV/Capacity

(USDM/GWh)

LGES

-47%

-46%

411,000

202,000

17%

7%

20%

40%

25.2

19.5

27.4

16.7

231

CATL

29%

18%

300

166

22%

13%

37%

-33%

22.7

15.4

12.3

10.5

336

SamsungSDI

-58%

-58%

434,691

166,436

18%

8%

6%

42%

6.0

6.2

8.8

9.6

259

Panasonic

33%

27%

1,919

987

26%

3%

21%

15%

4.6

5.0

4.5

4.1

409

BYD

89%

47%

427

203

19%

6%

-39%

-51%

26.1

15.8

10.2

8.0

421

SKInnovation

-15%

-15%

140,200

90,100

7%

3%

69%

78%

7.0

12.7

20.3

12.4

460

GotionHighTech

26%

12%

26.1

17.6

18%

3%

70%

125%

53.8

32.7

19.9

15.7

64

Farasis

6%

-2%

16.7

8.3

4%

-12%

12%

54%

-177.7

-22.1

36.2

14.3

57

EVE

15%

6%

58.5

30.7

17%

10%

60%

38%

26.2

18.3

16.6

12.2

167

Sunwoda

32%

20%

26.4

13.5

14%

1%

52%

61%

19.6

20.0

14.5

10.9

152

CALB

21%

-2%

20.2

11.0

10%

4%

11%

67%

41.0

24.8

17.7

11.8

100

LGES,CATL,andSamsungSDIarecoveredbyNeilBeveridge.BYDiscoveredbyEuniceLee.AllothercompaniesarenotcoveredbyBernstein.

Source:Bloomberg(consensusestimates),Bernsteinanalysis

NeilBeveridge,Ph.D.+85221232648neil.beveridge@14May2025

GLOBALENERGYSTORAGE

DETAILS

Inthelongrun,thesalesperformanceofbatterymakersdependsonthecost,qualityandsafetyofbatteriesmanufactured.In

theshorttomediumtermhowever,itdependsontheEVsalesbyOEM.Batterymakerswhichhavetheirbatteriesincorporated

intofastsellingEV’swillgrowquicklywhilethosewhoareexposedtoslowergrowingmodelswillhavelessgrowth.Inthis

report,weaimtohighlightthepotentialforbatterymakers’2025demandgrowthandmarketsharebyansweringtwo

questions,namely:1)WhichOEMsareexpectedtohavethefastest-growingEVsalesin2025?2)Howtoviewthecompetition

amongbatterycompaniesforthesupplysharefromOEMs?

TheEVbatterymarketin2024wascharacterizedbyabroadtrendofChinesebatterycellmakersgainingmarketsharewhile

JapaneseandSouthKoreanbatterycompanieslostmarketshare.CATLremainstheleadingbatterymakergloballywith36%

marketshare(+0.5%-points)in2024,followedbyBYDon18%(+1.5%-points)andLGESon12%(-2.7%-points).Although

thisislargelyattributedtothefactthatChina'sEVsalesoutperformedthoseintheUSandEurope(forexampleChinaEVbattery

demandin2024accountedfor57%ofglobalEVbatterydemand,vs.53%in2023),Chinesebatterycellmakersarealso

gainingshareinmarketsoutsideofChina,suchasinEurope.

Beyondthetop3batterycellmakersarePanasonicwhichcontinuestolosemarketshare(from6%in2023to4%in2024),

Koreanbatterymakers(SKOnandSDI)andalonglistofChinabatterymakerswithamarketshareinthelowsingledigits,many

ofwhichhavelowlevelsofprofitability.ChinesebatterymakersSVOLTandGotionwerethefastestgrowingin2024.BYDgrew

slightlyfasterthanCATLwith36%and26%growthrespectively(vs.24%fortotalxEVbatterydemandgrowth).LGESand

SDIbothrecordedgrowthof1%and-11%whichwasbelowtheindustrygrowthrate.ThelatestupdateofMar’25seemedto

confirmthatthedisparityofgrowthiscontinuing.

EXHIBIT2:PassengerEVbatteryinstallationmarketshare:CATLmaintainedleadingmarketshare

Global

2019

2020

2021

2022

2023

2024

2025

CATL

22.9%

19.4%

30.5%

33.8%

35.4%

35.9%

36.2%

BYD

8.5%

6.0%

8.8%

14.9%

16.7%

18.2%

17.7%

LGES

12.8%

26.8%

21.7%

15.2%

14.4%

11.7%

11.9%

SKOn

2.2%

5.9%

5.8%

6.0%

4.8%

4.6%

5.1%

CALB

1.6%

2.7%

2.9%

3.6%

4.8%

4.5%

3.8%

SDI

4.5%

6.8%

5.1%

5.1%

4.9%

3.5%

3.6%

Panasonic

30.5%

21.2%

12.8%

7.6%

6.4%

4.2%

3.6%

Gotion

1.8%

1.3%

1.9%

2.5%

2.0%

3.2%

3.3%

SVOLT

0.0%

0.5%

1.1%

1.3%

1.2%

2.2%

2.8%

EVE

0.1%

0.6%

0.9%

1.1%

2.1%

1.8%

1.8%

*OnlyLithium-basedbatterychemistriesareincludedinthisdataset.xEVscapturedinthisdatasetincludesBEV,PHEV,andHEVSource:SNEResearch,Bernsteinanalysis

EXHIBIT3:PassengerEVbatteryinstallationgrowth:Chinesebatterymakersgainedthemost

GlobalYoY

2020

2021

2022

2023

2024

2025

SVOLT

n.a.

429%

104%

28%

124%

105%

Gotion

0%

214%

122%

15%

94%

83%

BYD

-5%

222%

185%

59%

36%

59%

SKOn

258%

115%

74%

15%

17%

37%

CATL

13%

243%

88%

49%

26%

34%

EVE

1071%

256%

93%

186%

4%

31%

CALB

133%

130%

114%

89%

15%

23%

LGES

180%

76%

19%

34%

1%

16%

Panasonic

-7%

32%

1%

20%

-18%

-6%

SDI

99%

64%

70%

37%

-11%

-13%

*OnlyLithium-basedbatterychemistriesareincludedinthisdataset.*xEVscapturedinthisdatasetincludesBEV,PHEV,andHEVSource:SNEResearch,Bernsteinanalysis

NeilBeveridge,Ph.D.+85221232648neil.beveridge@14May2025

GLOBALENERGYSTORAGE

MARKETSHAREACROSSREGIONS:CHINESEAREWINNINGINEUROPE….

CATLmaintaineditsmarketshareat36%in2024and36%in3M2025.CATLonceguidedtoincreaseitsmarketshareby1%-

pointeveryyear,andoverthepastthreeyearsitseemstobelargelyontrackasitincreaseditsxEVbatterymarketsharefrom

34%in2022to36%in2024.Despiteinvestors’worries,CATL’smarketshareinChinawasmaintainedat42%in2024(vs.

42%in2023).InEurope,CATL'smarketsharehasbeenincreasingforsixconsecutiveyearsandreached39%in2024and

44%in3M2025.IntheUSthemarketshareofCATLdeclinedfrom16%to13%in2024asTesladecidedtostopsellingthe

Model3StandardRangeinNorthAmericainOctober,whichwasequippedwiththeCATL’sLFPbatteries.

LGES’smarketsharedeclinedfrom14%in2023to12%in2024and12%in3M2025.WiththeUScapacityrampingup,LGES

istakingmoreshareintheUS(26%vs.20%in2023).However,thiswasoffsetbythelossofmarketshareintheEurope(27%

vs.37%in2023).InEurope,walletsharesofLGESinkeycustomerslikeVolkswagen,Mercedes-Benz,andFordalldeclined

bydoubledigits.SamsungSDI’smarketsharedeclinedfrom5%in2023to4%in2024and4%in3M2025.In2024Samsung

SDImaintaineditspartnershipwithkeycustomerslikeBMWandthesupplysharehasstabilized.However,SDI’swalletsharein

RivianandStellantisdeclinedin2024withincreasingcompetitionfromotherfirms.

EXHIBIT4:EVbatterymarketshareformajorbatterymakers.CATL'smarketshareinEuropehasbeenincreasing

forsixconsecutiveyearsandreached44%in3M2025,exceedingits42%marketshareinChina

50%

45%

40%

EVbatteryM/S

35%

30%

25%

20%

15%

10%

5%

0%

2017

2018

2019

2020

2021

2022

2023

2024

2025

2017

2018

2019

2020

2021

2022

2023

2024

2025

2017

2018

2019

2020

2021

2022

2023

2024

2025

2017

2018

2019

2020

2021

2022

2023

2024

2025

2017

2018

2019

2020

2021

2022

2023

2024

2025

China

US

Global

RoW

Europe

SamsungSDI

LGES

CATL

Source:SNEResearch,Bernsteinanalysis

EXHIBIT5:EVbatterysalesbybatterymakerandregion

2024EVSales(GWh)

EXHIBIT6:BatterymakerM/Sbyregion

7%

3%

3%

5%

China

Europe

US

Other

Global

CATL

42%

39%

13%

30%

36%

LGES

2%

27%

26%

15%

12%

SKOn

0%

9%

14%

8%

5%

SDI

0%

9%

10%

4%

4%

BYD

29%

3%

0%

19%

18%

Panasonic

0%

0%

26%

1%

4%

CALB

0%

EVE

3%

1%

0%

2%

2%

Guoxuan

4%

0%

1%

10%

3%

Sunwoda

3%

1%

0%

1%

2%

Other

11%

8%

10%

8%

10%

GrandTotal

100%

100%

100%

100%

100%

Company%ofRegion

EXHIBIT7:Region%ofcompanyrevenue

83%

12%

China

Europe

US

Other

Global

CATL

67%

22%

6%

5%

100%

LGES

8%

48%

36%

8%

100%

SKOn

0%

42%

47%

11%

100%

SDI

0%

49%

44%

7%

100%

BYD

90%

3%

0%

6%

100%

Panasonic

0%

1%

97%

2%

100%

CALB

1%

4%

100%

EVE

81%

11%

0%

9%

100%

Guoxuan

74%

1%

6%

20%

100%

Sunwoda

89%

9%

0%

2%

100%

Other

62%

16%

16%

5%

100%

GrandTotal

57%

20%

16%

6%

100%

Region%ofCompany

China

Europe

US

Other

Global

CATL

197.9

64.7

17.2

15.3

295.1

LGES

7.6

45.5

33.5

7.6

94.2

SKOn

0.1

15.5

17.7

4.0

37.3

SDI

0.0

14.2

12.8

2.1

29.1

BYD

135.6

4.7

0.0

9.7

149.9

Panasonic

0.0

0.4

33.9

0.6

34.9

CALB

30.8

4.5

0.4

1.3

37.0

EVE

11.8

1.6

0.0

1.3

14.6

Gotion

19.3

0.2

1.5

5.2

26.2

Sunwoda

15.7

1.6

0.0

0.4

17.7

Other

51.7

13.3

13.6

4.1

82.7

GrandTotal

470.3

166.2

130.6

51.6

818.7

Source:SNEResearch,BernsteinanalysisSource:SNEResearch,BernsteinanalysisSource:SNEResearch,Bernsteinanalysis

InChina,themarketshareofmajorbatterycellmakerswasstablein2024.ThewalletshareofCATLinsomeofChineseOEMs

declinedbutCATLmaintainedits60%shareinmostkeycustomers.DeclinesinthewalletshareofOEMssuchasGeely(from

70%to54%)andSAIC(from43%to31%)wereoffsetbyothergrowingcustomerslikeHuaweiAITO(+256%y-o-yand100%

suppliedbyCATL’sbatteries),Chery(+531%y-o-yand72%suppliedbyCATL)andXiaomi(78%suppliedbyCATL)in2024.In

NeilBeveridge,Ph.D.+85221232648neil.beveridge@14May2025

GLOBALENERGYSTORAGE

2024,theexternalsalesofBYD'sbatteriesinChinabegantoaccelerate,asitssharesinthebatterysupplytoXPeng,NIOand

Xiaomiallincreased.

EXHIBIT8:InChinaCATLlostsharesinbatterysupplytoGeely,SAICandLiAuto,whichwasoffsetbythedemand

China

Batteryinstallationy-o-y

(2024,GWh)

BYD

123.0

23%

Geely

44.4

110%

TESLA

41.2

9%

SAIC

25.2

23%

GAC

24.8

-20%

Changan

22.3

52%

LiAuto

CheryHuawei

FDG

NIO

VW

Xiaomi

Xiaopeng

DongfengGreatWall

ChinaFAW

BAIC

20.4

18.7

16.7

16.4

16.4

13.2

12.8

12.7

12.6

10.0

7.9

7.0

31%

531%

256%

97%

33%

2%

n.a.

17%

126%

13%

33%

37%

BMW

6.1

-15%

GM

3.5

-43%

OtherOEMs

15.1

-26%

Total

470.3

34%

growthfromHuaweiAITOandChery

Deltaofwalletshareofbatterysupplier,%

CATL

BYD

LGES

SDI

SKOn

Panasonic

Others

-

-

-

-

-

-

-

-16%

-

-1%

-

-

-

16%

0%

-

0%

-

-

-

-

-12%

-

-

-

-

-

12%

1%

-

-

-

-

-

-1%

-1%

-1%

-

-

-

-

2%

-18%

-

-

-

-

-

18%

62%

3%

-

-

-

-

-65%

2%

-

-

-

-

-

-2%

-2%

-

-

-

-

-

2%

5%

8%

-

-

-

-

-13%

0%

-

0%

-

-

-

-

-

-

-

-

-

-

-

-1%

24%

-

-

-

-

-22%

-21%

-7%

-

-2%

-

-

30%

-10%

-

-

-

-

-

10%

5%

-11%

-

-

-

-

5%

7%

-

-

-

-6%

-

-1%

-12%

-

-

-

-

-

12%

-16%

-4%

0%

-

-

-

20%

-7%

12%

0%

-

0%

0%

-5%

0%

-1%

0%

0%

0%

0%

1%

CATL,LGES,andSDIarecoveredbyNeilBeveridge.BYD,Geely,SAIC,GAC,LiAuto,GreatWall,Xiaomi,Xiaopeng,andNIOarecoveredbyEuniceLee.VWandBMW

arecoveredbyStephenReitman.GMiscoveredbyDanielRoeska.AllothercompaniesarenotcoveredbyBernstein.

Source:SNEResearch,Bernsteinanalysis

InEurope,CATL,BYDandotherChinesebatterycellmakersgainedmarketsharein2024,attheexpenseofLGES(-10%-

points)andSamsungSDI(-1%-points).CATL’smarketshareinEuropeincreasedto39%(+3%-points)in2024.CATLgained

walletshareinVolkswagen(from27%to45%),Hyundai-Kia(from21%to30%),Renault-Nissan(from14%to21%),and

Ford(from2%to40%),butlostshareinGeelyGroup(from69%to55%)andBMW(from61%to52%)inEurope.Webelieve

HungaryPlantandStellantisJVPlantwillopenmoreopportunitiesforCATLinEurope.ForLGESandSamsungSDI,their

partnershipwithTeslaandBMWrespectivelywentwellasthewalletshareswerebasicallyunchanged.However,LGESlost

shareinotherOEMssuchasVolkswagen(from53%to33%),GeelyGroup(from30%to11%),andMercedes-Benz(from11%

to2%).

NeilBeveridge,Ph.D.+85221232648neil.beveridge@14May2025

GLOBALENERGYSTORAGE

Deltaofwalletshareofbatterysupplier,%

CATL

BYD

LGES

SDI

SKOn

Panasonic

Others

19%

-

-20%

-4%

6%

0%

-

1%

0%

1%

-

-

-2%

0%

-10%

-

-

1%

-

-

9%

-14%

-

-20%

-

-

-

34%

0%

9%

-4%

-8%

-

-

3%

-2%

-

-10%

-

0%

-

12%

9%

-

-1%

-

-8%

-

-

7%

-

4%

-

-

-

-11%

0%

-

-

-

-

-

0%

38%

-

-37%

-8%

8%

-

-

-

-

-

-

-

-

-

-1%

-

-

-

-

-

1%

-

-

-

-

-

-

-

0%

-

-17%

17%

-

-

-

-2%

-

-

-

-

-

2%

23%

-

-

-

-

-

-23%

-13%

2%

1%

0%

0%

3%

8%

3%

2%

-10%

-1%

1%

0%

6%

EXHIBIT9:InEuropeCATLgainedsharesinmostautomakers,whileLGESandSDIlostshares

Europe

Batteryinstallationy-o-y

(2024,GWh)

VW

TESLA

37.2

7%

-11%

26.3

BMW

16.5

18%

Geely

14.8

42%

Stellantis

14.3

-8%

Mercedes-Benz

13.9

15%

HyundaiKia

11.0

-8%

Renault-Nissan

8.9

7%

SAIC

5.0

-32%

Ford

4.1

26%

BYD

3.4

213%

Toyota

3.2

45%

Initiative

2.1

54%

TATA

1.9

80%

Xiaopeng

0.7

301%

Honda

0.7

378%

OtherOEMs

2.2

-28%

Total

166.2

6%

CATL,LGES,andSDIarecoveredbyNeilBeveridge.BYD,Geely,SAIC,andXiaopengarecoveredbyEuniceLee.VW,BMW,Mercedes-Benz,andRenaultarecovered

byStephenReitman.StellantisandFordarecoveredbyDanielRoeska.Nissan,ToyotaandHondaarecoveredbyMasahiroAkita.Allothercompaniesarenot

coveredbyBernstein.

Source:SNEResearch,Bernsteinanalysis

IntheUS,bothLGESandSKOngainedmarketshare,whilePanasonic,CATLandSDIlostshare.LGESincreaseditsmarket

shareby6%-pointshelpedandSKOnincreasedby3%-points,largelydowntosuccesswithHyundaiandFord.In2024LGES

increasedsharewithHindaandtookabout7%ofTesla'sbatterysupplysharefromCATL,althoughitlostsomeshareofHyundai

KiaandFordtoSKOn.IntheUS,themarketshareofCATLdeclinedfrom16%to13%in2024asTesladecidedtostopselling

theModel3StandardRangeinNorthAmericainOctober,whichwasequippedwiththeCATL’sLFPbatteries.SDIlostsharesin

RiviantoChineseGotionandPanasoniclostsharesinTeslatoitsin-housebatterycellssupply.

EXHIBIT10:IntheUS,LGESgainedsharesinthebatterysupplytoTeslaandSKOngainedsharesinHyundaiand

Deltaofwalletshareofbatterysupplier,%

CATL

BYD

LGES

SDI

SKOn

Panasonic

Others

-8%

-

7%

-

-

-15%

15%

-

-

-

-

-

-

-

4%

-

-14%

-

10%

-

-

7%

-

-22%

0%

15%

-

-1%

-

-

-

-22%

-

-

22%

-5%

-

-

5%

-

-

1%

10%

-

1%

2%

-13%

-

-

1%

-

-

-

-

-

-1%

-

-

100%

-

-

-

-100%

-20%

-

0%

-

8%

-

12%

1%

-

-

-

-

-

-1%

25%

-

-39%

-

-

-

14%

9%

-

-1%

-8%

-

-

-

1%

-

-

-

-

-

-1%

-

-

-49%

-51%

-

100%

-

27%

-

3%

-23%

0%

-

-8%

-3%

-

6%

-3%

3%

-12%

8%

Kia,aswellasFord

TheU.S.

Batteryinstallationy-o-y

(2024,GWh)

TESLA

51.7

0%

GM

14.4

99%

HyundaiKia

12.9

52%

Ford

12.4

57%

Rivian

6.7

10%

BMW

5.6

7%

VW

5.5

-16%

Toyota

3.6

52%

Honda

3.6

n.a.

Mercedes-Benz

3.1

-27%

Renault-Nissan

2.9

49%

Geely

2.3

-16%

Stellantis

2.2

-9%

SUBARU

1.1

33%

LUCID

0.8

13%

OtherOEMs

2.1

125%

Total

130.6

20%

CATL,LGES,andSDIarecoveredbyNeilBeveridge.BYDandGeelyarecoveredbyEuniceLee.VW,BMW,Mercedes-Benz,andRenaultarecoveredbyStephen

Reitman.GM,Rivian,StellantisandFordarecoveredbyDanielRoeska.Nissan,Toyota,SUBARUandHondaarecoveredbyMasahiroAkita.Allothercompaniesare

notcoveredbyBernstein.

Source:SNEResearch,Bernsteinanalysis

NeilBeveridge,Ph.D.+85221232648neil.beveridge@14May2025

GLOBALENERGYSTORAGE

PARTNERSHIPWITHOEM’S

TheglobalrelationshipbetweenOEMsandbatterymakerscontinuestoevolveovertime.CATLcontinuestodominatethe

EVbatterymarketswiththemostdiversifiedcustomerbaseacrossdomesticOEMs(Exhibit12)andglobalOEMs.Korean

batterymakershaveimportantrelationshipswithEuropeanOEMs(Green),whileLGESandPanasonicaremorereliantontheUS

OEMS(Blue).NotablerelationshipsinthemarketarethatbetweenTeslaandPanasonic,althoughTeslaisnowbuildingitsown

capacityandalsodiversifyingsupplieswithCATL(inChina)andLGES(inEurope)alsoprovidingbatteries.SKOnhasastrong

relationshipwithHyundaiwhichhasprovidedastrongEVproductofferingtothemarket.IntheUS,SKOnhasapartnership

withFordtoexpandcapacityundertheBlueOvalSKJV,whileLGEShasapartnershipwithGMtoproducebatteryunderthe

UltiumCellsJV.BYDcontinuestobeanexclusiveproviderofbatteriestotheBYDGroupalthoughitislookingtoselltoother

OEMs.

EXHIBIT11:EVbatterysupplybetweenbatterycellmakersandOEMs(inGWh,2024)

Source:SNEResearch,SankeyMATIC,Bernsteinanalysis

NeilBeveridge,Ph.D.+85221232648neil.beveridge@14May2025

GLOBALENERGYSTORAGE