Final #EV & #BESS installs are in. Shipments > demand ≠ surplus — it’s pipeline + inventory build. 2025 demand ~1.6 TWh vs ~2.28 TWh shipped. My 21.3m EV forecast (modelled 2020) landed ~20.7m — only ~500k off. LFP +48% YoY. China accelerating, EU & Global South ramping. US increasingly an island.










