Back in May, we reported that China is on the way to becoming the world’s first ‘‘electrostate’’ thanks to the ongoing EV boom coupled with rapid industrial electrification. According to a study by the International Energy Agency (IEA), China’s electrification rate has hit 30%, significantly ahead of the U.S. and the EU, where the electrification rate has plateaued at ~22% in recent years. Last year, electric vehicles (EVs) made up approximately 47.9% of the total passenger car sales in China, a huge increase…