On the back of a record month for electric vehicle (EV) sales and strong battery energy storage system (BESS) deployments in November, global lithium ion battery demand for the year has surpassed the 1 TWh mark, a milestone narrowly missed in 2023. According to London-based Rho Motion, lithium-ion demand is set to increase 26% year-on-year in 2024 compared to 2023.