Battery Companies: Top 10 Battery Manufacturers in the World

Battery Companies: Top 10 Battery Manufacturers in the World

With the continued innovation of the electric car, it’s worth discussing the largest battery manufacturers in the world. Electric vehicles like Tesla have never been more beloved than they are right now. This is due in large part to the strength of the battery manufacturers listed below. We’ve ranked the top 10 battery manufacturers in the world by market cap (in USD billions, to four significant figures), with recent news of each.

#1 – Tesla (TSLA) Market Cap: $758.0B

Elon Musk
Elon Musk is the controversial founder of Tesla.

It’s probably not that surprising that Tesla would top the list of the largest battery companies. Tesla is essentially a household name across most of the globe at this point. This is true regardless of what opinions you may have about its founder, Elon Musk. Primarily, Tesla manufactures EVs and battery cells, electric batteries, and solar panels. At the end of 2023, Tesla had around 140,000 employees and recorded almost $97 million in revenue for the year. Profits were just under $15 million.

Although Tesla often ranks in the top 10 companies in the entire world by market cap, recent years have been pretty turbulent. The company’s shares lost 67% of their value in 2022, but more than doubled in 2023. By this point in 2024, their market cap has dropped by approximately a quarter. Many reasons could be given for this. However, common ones are a less-than-stellar growth rate in the previous year, price cuts in the Chinese market driving competition, and the rather controversial behavior of Musk. Even though Tesla seems to be lacking growth in the short term, it’s still one of the most impactful companies in modern history. A recovery isn’t out of the question.

#2 – CATL (300750.SZ) Market Cap: $97.66B

CATL is a Chinese company, but they also have overseas facilities, such as in Germany.

Contemporary Amperex Technology Co. Limited, also known simply as CATL, is a Chinese battery company that manufactures lithium-ion EV batteries. Currently the biggest lithium-ion battery manufacturer on the planet, CATL has beaten out its competitors in Japan, South Korea, and China. CATL has 13 battery production facilities throughout Hungary, Germany, and China. 

Part of CATL’s success is due to its early investment in EV battery technologies pleasantly coinciding with the rise in the popularity of EVs. Of course, another significant factor is that China is at the forefront regarding battery manufacture. This itself is in no small part due to its control over the acquisition of the required rare-earth materials. Preliminary figures indicate CATL’s 2023 profits to be around 38 – 48% higher than 2022. Although this is a lot less than its 2022 figure of 92.89%, CATL are still placed in good stead for the coming year. 

#3 – BYD (BYDDF) Market Cap: $78.60B

BYD logo.
BYD is a Chinese conglomerate that produces EV and electric batteries.

BYD, Ltd. — an abbreviation for Build Your Dreams — is a Chinese manufacturing conglomerate currently working hard to create an EV battery that redefines the industry’s pre-existing safety standards. Created to squash safety concerns once and for all, BYD ranks among the largest and most important battery companies because of this determination and drive to do something new and improved. Overall, BYD produces EVs of all kinds (even electric bikes), solar cells, and rechargeable batteries.

Expected profits for 2023 are approximately 86.5% higher than 2022, bolstered by cost-saving measures and a strong year of sales (even higher than Tesla, actually.) Although this is certainly impressive, unbelievably, it pales in comparison to the previous year. BYD recorded an enormous 446% growth in profits previously. BYD’s sales efforts have certainly paid off, and 2024 looks to be a good year for the company.

#4 – LG Energy Solution (373220.KS) Market Cap: $73.84B

largest HVAC companies
LG is a South Korean electronics company.

Interestingly enough, LG Energy Solution has been manufacturing far more than just EV batteries for years now. Responsible for everything from phone batteries to car batteries, LG’s batteries are capable of being built in all sorts of different shapes and sizes for maximum capacity and optimal efficiency. It’s safe to say that LG is a company that has its fingers in pretty much all the pies you could think of. 

LG reported its 2023 profits to be 78.% higher than 2022, a result it largely attributes to cost reductions and improvements in productivity. Like many others in the industry, LG is predicting a slowing of demand for EVs in 2024, and the global market growth to be lower, around the mid-20s. LG plans to remain competitive by fast-tracking the development of high-voltage NCM (nickel-cobalt-manganese) batteries, quality improvements of pre-existing products, cutting costs, and expanding the sourcing of materials.

#5 – Samsung SDI (006400.KS) Market Cap: $22.42B

icon, business, technology, design, phone, digital
Samsung SDI is a division of Samsung Electronics.

Samsung SDI — a division of Samsung created to manufacture EV batteries and other various electronic materials — stands apart from the competition because of its wide variety of uses and products. From IT devices to appliances to Energy Storage Systems (ESS) to electric vehicles and everything in between, Samsung SDI belongs on this list because of the sheer number of useful products under the company’s banner.

Samsung SDI reported record revenue for last year, of just over $17 billion. This was accompanied by a 93% increase in profit, meaning 2023 was a very good year for the company. In 2024, SDI plans to begin full production of its premium “P6” battery, expand sales of its lithium batteries and Samsung Battery Box, and implement cost-cutting measures.

#6 – Panasonic (PCRFY) Market Cap: $22.22B

Largest Consumer Electronics Companies
Panasonic is a Japanese multinational electronics corporation headquartered in Kadoma, Osaka, Japan.

Panasonic’s lithium-ion batteries can be found in both hybrid and electric vehicles alike (including Tesla, which relies on Panasonic and Panasonic alone for its advanced battery.) Created in close collaboration with the car companies themselves, Panasonic’s lithium batteries are both efficient and environmentally friendly. At Panasonic, being conscious of their environmental impact is just as essential as creating an efficient and effective car battery.

Although Panasonic’s revenue has dipped slightly so far in the first quarter of 2024, year-on-year revenue has grown by 6.51%, and net profits by 28.08%. Panasonic stocks are likely being undervalued relative to their earnings, but overall, their increased sales and profits are a good sign for the company.

#7 – Rivian Automotive (RIVN) Market Cap: $19.46B

Rivian logo.
Rivian is a California-based company that focuses on producing sustainable EVs.

Rivian Automotive is a company based in California that works in the EV industry, focusing on manufacturing vehicles. Like many EV companies, Rivian’s mission is to provide products and solutions to shift away from using fossil fuels. Rivian has a lot of major supporters, including Amazon and Ford.

During the last quarter of 2023, Rivian produced 17,541 EVs, but they have yet to release their financial results (the date is set for February 21.) However, we can say that, on the basis of 2023 as a whole, Rivian produced 57,232 vehicles, exceeding their target of 54,000. Rivian hasn’t reached the stage of achieving positive net profit yet but hopes to accomplish this in 2024.

#8 – Bolloré (BOL.PA) Market Cap: $17.69B

Bollore is one of the top battery manufacturers in the world
Bolloré produces energy solutions through its Blue subsidiary.

Bolloré operates as a holding transportation company. The Company offers cargo transportation, logistics, communications, and electricity and storage solutions, encompassed within its subsidiaries. Its energy solutions are managed by its Blue Solutions subsidiary, which primarily focuses on electricity storage solutions. One form of technology that Bolloré has developed is the Lithium Metal Polymer (LMP) battery. This is a unique type of battery that uses a solid electrolyte rather than a liquid. As such, it holds the potential for greater energy density, longevity, and sustainability.

The half-year results for the first half of 2023 saw Bolloré’s revenue decrease by 3.2%. But considering they had an excellent 2022, this wasn’t as disastrous as it may seem. However, Bolloré expects this trend to continue into 2024. This is because most of its revenue comes from logistics and transportation, which are currently having challenges.

#9 – Ecopro BM (247540.KQ) Market Cap: $13.05B

Ecopro BM top battery companies
Ecopro BM primarily produces cathodes, the most expensive material comprising an EV battery.

Ecopro BM is a South Korean company that works within the battery and chemical sectors. They’re South Korea’s biggest manufacturer of cathodes that are used in EV batteries. Interestingly, the cathode is the most expensive component of an electric car battery. It makes up around one-third of the entire cost. In March 2023, Ecopro began construction work on their first overseas plant, which is being built in Hungary. The expected capacity of this plant is around 100,000 tonnes of cathode material to be used in lithium-ion batteries.

Year-on-year, Ecopro’s September 2023 revenue was up by 26.6%. Overseas capacity is expected to increase in 2024. Ecopro also plans to win contracts with Samsung SDI to start U.S. production.

#10 EVE Energy (300014.SZ) Market Cap: $11.73B

EVE energy top battery manufacturers
EVE Energy is a relatively small company on this list, but they’re known for their innovation.

Described as one of the most inventive EV battery manufacturers in the industry, EVE has continually overcome some of the most challenging technical problems in the car battery industry again and again. EVE might not be as large as some of these other manufacturers. But it’s still worth including here because of the sheer amount of innovation and creativity coming from this company on a regular basis. 

EVE’s year-on-year profits and revenue by September 2023 were up by 46% and 46.3% respectively. No data has been released for the last quarter yet. But forecasts for 2024 predict profits and revenue to rise by 28.3% and 28.7% respectively. This isn’t the most drastic growth rate we’ve seen here, which is to be expected given EVE’s smaller size. But, overall, EVE’s growth is on an upward trajectory.

Summary of the Top 10 Battery Manufacturers in the World

RankCompanyMarket Capitalization/Billions (USD)
#4LG Energy Solution73.84
#5Samsung SDI22.42
#7Rivian Automotive19.46
#9Ecopro BM13.05
#10Eve Energy11.73

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