It took more than seven years for automakers to sell 4 million passenger electric vehicles. It’ll take about six months to sell the next million.
That surging demand is transforming the lithium-ion battery business, with more power packs expected to be installed in EVs this year than in consumer electronics, according to Bloomberg NEF. China, where subsidy-toting drivers own a third of the world’s passenger EVs, is doing the most to fuel the boom.