Mo Ke (墨柯), one of China’s most respected independent battery analysts and founder of 真锂研究 (Zhenlithium Research), estimates that as much as 210 GWh of storage batteries — around a third of annual Chinese production — may now be sitting undeployed. That is more than the entire world installed just two years ago. If his calculations are right, the headline Chinese battery production growth numbers driving the global lithium bull case may be overstating real demand.