Company: SCAG
Filing Date: 2025-01-06
Form Type: 424B3
Source: 0001213900-25-001215
Chunk: 370

Company: Scage Future
Filing Date: 2025-01-06
Form: 424B3
Chunk 370
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 electric vehicles (“PHEVs”) and extended range electric vehicles (“EREVs”). BEVs are powered by electric energy and electric motors. PHEVs are hybrid electric vehicles that supplement electric systems with traditional engine fuel power systems. EREVs are powered solely by electric motors but with energy provided by battery packs and range -extendedsystems. In terms of usage, NEVs are categorized into commercial NEVs and passenger NEVs. Commercial NEVs are used for commercial operations, especially for efficiently transporting goods or passengers, while passenger NEVs are for personal transportation, the design of which prioritizes passenger comfort and convenience. The global NEV market is currently dominated by passenger NEVs in terms of the number of vehicles owned, which accounted for a market share of 78.4% in 2018 and 93.1% in 2022, and is expected to reach 95.0% in 2027. Overview of the Global and China’s Commercial NEV Markets Commercial vehicles are specifically designed and equipped for transporting more than nine persons or goods for commercial purposes. Commercial vehicles typically prioritize cargo capacity, durability and functionality, and therefore, they incorporate features that are tailored to specific industry needs, such as spacious cargo areas, specialized equipment and towing capabilities. Compared to passenger vehicles, commercial vehicles are characterized by long distances, larger size and weight, and lower fuel efficiency, which makes them significant contributors to greenhouse gas emissions. Therefore, countries around the world are placing great emphasis on the development of commercial NEVs that produce less pollution and rely less on fossil fuels. In the global pursuit of carbon neutrality, commercial NEVs have become a critical decarbonization strategy to combat climate change, enhance energy efficiency, and improve sustainability in the automotive industry. Types of Commercial NEVs Commercial NEVs, by power sources, are categorized into commercial BEVs, commercial PHEVs, commercial EREVs and commercial fuel cell electric vehicles (“FCEVs”). Commercial FCEVs are powered by fuel cells, in which hydrogen react with oxygen contained in the air to produce electricity, water and heat. The adoption of commercial FCEVs is gaining momentum, as hydrogen infrastructure develops and becomes more accessible. Electro -fuel(“e -fuel”) is another crucial low -carbonalternative to traditional fossil fuels. Unlike BEVs, PHEVs and EREVs that directly utilize electricity or hydrogen energy as energy sources, e -fuelutilizes renewable energy sources, such as solar or wind power, to generate hydrogen through electrolysis, which is ultimately synthesized into low- or zero