CATL’s big business and big packs crushing competition
CATL economies of scale (almost) off the chart
Among the top 10 cell suppliers globally, CATL crushed the competition in Q3 2023 with a sales-weighted average pack size (in kWh) nearly 50% larger than the group average and total deployment onto roads (in GWh) more than triple the group average.
LG Energy Solution and BYD also deployed significantly more battery capacity onto roads than average in the quarter albeit both supplied into industry average pack sizes.
Panasonic’s deployment was roughly average in Q3, but its average pack size was just 13.1 kWh, a reflection of the many Toyota HEVs its cells go into.
Adamas take:
As the global supplier of choice, CATL’s BEV-centric sales book puts it in the market’s sweet spot where big packs and big business volume translate to big economies of scale.
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