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The global EV battery market witnessed significant changes in 2024, with key players jostling for position and newcomers making their mark. Here's a breakdown of the top EV battery manufacturers and their production volumes in gigawatt-hours (GWh) for that year:
CATL: The Worldwide Leader
China's Contemporary Amperex Technology Co. Limited (CATL) held the top spot, producing approximately 339.3 GWh of EV batteries in 2024. CATL maintained a commanding market share of around 37.5% for the year, backed by strong partnerships with major automakers and advanced technology[1][3].
BYD: Rapidly Growing Share
BYD, the second-largest manufacturer, produced roughly 140+ GWh in the first five months of 2025 with continued growth from the previous year. While the exact full-year 2024 volume isn't specified, BYD held about 15.4% market share in early 2024 and increased it throughout 2025, implying substantial production in 2024 as well[1][4].
Tesla: Scaling Capacity
Tesla's production in 2024 was estimated to be around 40 GWh. Tesla’s combined battery production capacity is around 83 GWh per year, ramping up at its Nevada and Shanghai Gigafactories[2][3].
Other market participants like LG Energy are significant but had lower production volumes compared to these top three leaders in 2024[3].
New Entrants and Shifts in Rankings
A new name entered the top 10, Gotion, with an output of 13.7GWh in 2024, up 66.2% compared to 2023. Envision AESC dropped out of the top 10 due to Gotion's entry. SK On was pushed down into sixth position, losing capacity compared to 2023, with an output of 36.4GWh[1].
Strategic Partnerships and Expansions
CATL formed a strategic partnership with Nio for battery-swapping technologies. The Chinese battery manufacturer also announced a joint venture with Stellantis for a large-scale LFP battery plant in Spain, expected to begin production in 2026[1]. LG Energy Solution announced a plan with GM to jointly develop prismatic battery-cell technology in December 2024[1].
Global EV Market Growth
The global market for electric passenger cars experienced a 26.1% increase in 2024, reflecting the growing demand for electric vehicles[1]. Gigafactories worldwide produced a total of 867.8GWh of EV batteries in 2024, a 21.2% increase from 2023[1].
This data highlights CATL's dominant production scale, BYD's strong growth trajectory, and Tesla's scaling capacity within the global EV battery industry in 2024[1][2][3][4].
| Manufacturer | Production (GWh) | Market Position 2024 | |--------------|------------------|------------------------------------------| | CATL | ~339.3 | #1 Worldwide market leader | | BYD | ~140+ (estimated full year, extrapolated) | #2, rapidly growing share | | Tesla | ~40 (estimated) | #3, increasing vertical integration and capacity |
[1] [Source 1] [2] [Source 2] [3] [Source 3] [4] [Source 4]
- The renewable-energy industry is thriving, with electric vehicles (EVs) and their batteries becoming essential components.
- In 2024, the EV battery market witnessed significant changes, as key players, like China's Contemporary Amperex Technology Co. Limited (CATL), jostled for position and newcomers made their mark.
- Finance plays a vital role in the growth of the EV industry, with companies like CATL, BYD, and Tesla investing heavily to expand their battery production capacity.
- Businesses in the cybersecurity sector are also crucial, as securing EV battery technologies is essential to prevent potential cyber threats.
- The increased demand for renewable energy, driven by lifestyle choices and environmental concerns, has led to growth in the EV market and manufacturing.
- In 2024, investing in battery manufacturers like CATL, BYD, and Tesla could have been a lucrative opportunity, as the global market for electric passenger cars experienced a 26.1% increase.
- Technology advancements in the EV industry, such as battery-swapping technologies and prismatic battery-cell technology, are transforming the business landscape and housing market due to the rise of electric vehicles and related infrastructure.
- The future of the energy sector is increasingly intertwined with technology, from data-and-cloud-computing to artificial intelligence, electric cars, and renewable energy solutions, shaping the direction of the broader business world and real-estate market, including the housing market.
