Company: SCAG
Filing Date: 2025-01-06
Form Type: 424B3
Source: 0001213900-25-001215
Chunk: 909

Company: Scage Future
Filing Date: 2025-01-06
Form: 424B3
Chunk 909
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 the recently proposed emissions standards from the US Environmental Protection Agency is set to further increase this share. Battery manufacturing continues to expand, encouraged by the outlook for electric vehicles. As of March 2023, announcements on battery manufacturing capacity delivered by 2030 are more than sufficient to meet the demand implied by government pledges and would even be able to cover the demand for electric vehicles in the Net Zero Emissions by 2050 Scenario. It is therefore possible that higher shares of sales are achievable for electric cars than those anticipated on the basis of current government policy and national targets. Global spending on electric cars exceeded USD 425 billion in 2022, up 50% relative to 2021. Only 10% of the spending can be attributed to government support, the remainder was from consumers. Investors have also maintained confidence in electric vehicles, with the stocks of electric vehicle-related companies consistently outperforming traditional carmakers since 2019. Venture capital investments in start-up firms developing electric vehicle and battery technologies have also boomed, reaching nearly USD 2.1 billion in 2022, up 30% relative to 2021, with investments increasing in batteries and critical minerals. SUVs and large cars dominated available electric car options in 2022. They accounted for 60% of available electric vehicle options in China and Europe and an even greater share in the United States, similar to the trend towards SUVs seen in internal combustion engine (ICE) car markets. In 2022, ICE SUVs emitted over 1 Gt CO2, far greater than the 80 Mt net emissions reductions from the electric vehicle fleet that year. Battery electric SUVs often have batteries that are two- to three-times larger than small cars, requiring more critical minerals. However, last year electric SUVs resulted in the displacement of over 150,000 barrels of oil consumption per day and avoided the associated tailpipe emissions that would have been generated through burning the fuel in combustion engines. Annex D-1-4 The electric car market is increasingly competitive. A growing number of new entrants, primarily from China but also from other emerging markets, are offering more affordable models. Major incumbent carmakers are increasing ambition as well, especially in Europe, and 2022-2023 saw another series of important electric vehicle announcements: fully electric fleets, cheaper cars, greater investment, and vertical integration with battery-making and critical minerals. Consumers can choose from an increasing number of options for electric cars. The number of available electric car models reached 500 in 202