[SMM Analysis] it will take time for overseas new energy vehicle plants to gradually resume production and recover terminal demand.

Published: May 10, 2020 23:16

Save

SMM, 10 May:

LG Chemical won the first place with 27.1 per cent market share in the first quarter of 2020, beating the powerful Ningde era and Panasonic, according to a new report by SNE Research, a South Korean market research firm. LG's market share more than doubled from the same period in 2019 to second place Panasonic (25.7 per cent), while Ningde, the defending champion of the year, came in third with 17.4 per cent, down from 23.4 per cent in the same period in 2019, the report said.

According to SMM research, due to the impact of the epidemic, the operating rate of domestic battery enterprises was low in the first quarter, but since then, due to no obvious improvement in terminal demand, the operating rate of battery factories has not improved; in addition, the overseas epidemic began to spread in the middle and late March, leading battery enterprises export orders were affected, and the power battery market was still in a depressed state in the second quarter.

At present, among the battery enterprises, the demand of LG industry chain is relatively stable, mainly relying on the full production of Tesla Shanghai factory.

In addition, BYD has focused on promoting lithium iron phosphate batteries this year, and its Chongqing plant has been in full production, driving demand for some lithium iron phosphate materials.

In late March, nearly 20 overseas automakers, including Volkswagen, BMW, Toyota, Daimler, Fiat Chrysler, Peugeot Citroen, GM and Ford, have closed or plan to close more than 100 factories. According to relevant statistics, new energy plants, including Volkswagen, Audi, Porsche and Volvo, basically resumed work on April 20, while BMW's new energy plant in Leipzig, Germany, will resume work after May 18. At present, the epidemic has had an impact on the production of new energy vehicles for at least two months, and demand has to wait for the epidemic to be brought under control. European new energy vehicle sales data in April show that, with the exception of Germany, which still shows strong year-on-year growth, year-on-year sales in other countries have declined significantly, including countries severely affected by the epidemic, such as Spain and Italy, where new energy vehicles have dropped by more than 100% year-on-year.

Cobalt lithium cars batteries

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

1 hour ago

[SMM Chromium Week Review] Chrome Ore Flows Rebound as China Port Stocks Build, Zimbabwe Eyes Ferrochrome Capacity

September 11, 2026.

1 hour ago

[SMM Chromium Flash] Tharisa's Underground Transition at Its Chrome-PGM Flagship Mine Remains on Track

Tharisa confirmed its transition to underground mining at its flagship Tharisa Mine, on the southwestern limb of South Africa's Bushveld Complex, remains on time and within budget, running in parallel with the Karo Platinum Project's construction financing in Zimbabwe. Development of the Apollo underground complex, which commenced in March 2026, is progressing toward first run-of-mine ore in the current quarter, with steady-state production of 255,000 mt per month targeted by the third quarter of calendar year 2029. The Orion complex is expected to follow, targeting first ore in financial year 2031 and steady-state production by the third quarter of calendar year 2033. Together, Tharisa said the two underground complexes are expected to extend mining at the Tharisa Mine, which co-produces chrome concentrate alongside PGMs from the same orebody, for more than 60 years beyond depletion of the current open pit. The underground project is fully funded through development loans from Absa and Standard Bank and an asset-based revolving facility from Nedbank, funding that sits separately from the US$300 million Nordic bond raised this week for Karo. The company did not break out what share of Apollo or Orion's future run-of-mine ore output will be chrome-bearing material versus PGM-bearing material, leaving the underground transition's specific impact on Tharisa's chrome concentrate volumes still to be clarified as the two complexes ramp up toward steady state.

1 hour ago

[SMM Chromium Flash] Tharisa: Chrome Cash Flow Continues to Fund PGM Growth as Spot Chrome Price Hits $290/mt

Tharisa said its co-mining model, in which chrome cash flow supports PGM development through the commodity cycle, continues to underpin its growth strategy, with spot chrome prices trading at US$290 per mt as of early September 2026. The company disclosed the figure alongside news that it had secured a Special Mining Lease Agreement with the Government of Zimbabwe, a long-term PGM offtake agreement with Valterra, and priced a US$300 million, five-year senior secured Nordic bond, three milestones the company says de-risk and fully fund construction of its Karo Platinum Project on Zimbabwe's Great Dyke. CEO Phoevos Pouroulis said the completed milestones mark a transformative moment for Tharisa, describing the group as evolving into a multi-asset, multi-jurisdictional PGM and chrome producer with a combined mine life exceeding 60 years once Karo and the Tharisa Mine's underground transition are both in production. While the financing package itself is structured around PGM development, chrome remains the funding backbone of the strategy: Tharisa's disclosure frames chrome revenue as the through-cycle cash generator that allows the group to pursue capital-intensive PGM growth projects such as Karo without relying solely on external financing, a dynamic reaffirmed rather than changed by this week's bond pricing.

1 hour ago