Company: SCAG
Filing Date: 2025-01-06
Form Type: 424B3
Source: 0001213900-25-001215
Chunk: 937

Company: Scage Future
Filing Date: 2025-01-06
Form: 424B3
Chunk 937
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. 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 2022, more than double the options available in 2018. However, outside of China, there is a need for original equipment manufacturers (OEMs) to offer affordable, competitively priced options in order to enable mass adoption of electric vehicles. Today’s level of available electric car models is still significantly lower than the number of ICE options on the market, but the number of ICE models available has been steadily decreasing since its peak in the mid-2010s. Electrification of road transport goes beyond cars. Two or three-wheelers are the most electrified market segment today; in emerging markets and developing economies, they outnumber cars. Over half of India’s three-wheeler registrations in 2022 were electric, demonstrating their growing popularity due to government incentives and lower lifecycle costs compared with conventional models, especially in the context of higher fuel prices. In many developing economies, two/three-wheelers offer an affordable way to get access to mobility, meaning their electrification is important to support sustainable development. The commercial vehicle stock is also seeing increasing electrification. Electric light commercial vehicle (LCV) sales worldwide increased by more than 90% in 2022 to more than 310,000 vehicles, even as overall LCV sales declined by nearly 15%. In 2022, nearly 66,000 electric buses and 60,000 medium- and heavy-duty trucks were sold worldwide, representing about 4.5% of all bus sales and 1.2% of truck sales. Where governments have committed to reduce emissions from public transport, such as in dense urban areas, electric bus sales reached even higher shares; in Finland, for example, electric bus sales accounted for over 65% in 2022. Ambition with respect to electrifying heavy-duty vehicles is growing. In 2022, around 220 electric heavy-duty vehicle models entered the market, bringing the total to over 800 models offered by well over 100 OEMs. A total of 27 governments have pledged to achieve 100% electric