China's CATL establishes subsidiary in South Korea... offensive in EV batteries

On the 16th, it was revealed that Contemporary Amperex Technology Co., Ltd. (CATL), the Chinese company with the world's top share in batteries for electric vehicles (EVs), will establish a local subsidiary in South Korea and begin full-scale market expansion.
According to industry sources, CATL established CATL Korea in January this year in Gangnam-gu, Seoul. The company's registered representative directors are Han Shin-jun, a Chinese company director, and
Kwon Hyukjun, an Australian national, was appointed. The company has a capital of 600 million won (approximately 60 million yen) and 120,000 shares issued. The company's business objectives include sales of batteries, power storage equipment, and related products.
The new business includes sales, battery recycling, etc. In parallel with its establishment, CATL Korea has been actively recruiting personnel, including experienced individuals in the fields of sales, marketing, and human resources.
CATL is expected to aggressively expand its battery business for EVs and energy storage systems (ESS) in South Korea. CATL is a leader in the lithium iron phosphate (Eon) battery business, which boasts low prices.
With this as its weapon, the company is rapidly expanding its global market share even in the current slowdown in the EV market. In addition to holding an overwhelming share of the Chinese domestic market, it is also competing with American Tesla, German BMW, Mercedes-Benz, and Volkswagen.
According to market research firm SNE Research, CATL is expected to account for 10% of the global EV battery market by 2024.
Its usage share reached 37.9%, far ahead of China's BYD (17.2%) and South Korea's LG Energy Solutions (10.8%), making it the clear leader.