SINGAPORE (Nov 22): CATL and BYD Co saw sharp declines in sales of electrified-vehicle batteries in September, as demand weakened in China, where the government is cutting subsidies in the EV sector.

Sales by market leader Contemporary Amperex Technology Co Ltd fell 10%, while BYD’s slumped 71%, causing it to lose its No. 3 ranking to South Korea’s LG Chem Co, SNE Research said. CATL had 26.6% of the global market in the first nine months, followed by Panasonic Corp at 24.6%.