Company: SCAG
Filing Date: 2025-01-06
Form Type: 424B3
Source: 0001213900-25-001215
Chunk: 369

Company: Scage Future
Filing Date: 2025-01-06
Form: 424B3
Chunk 369
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, 2018, it is prohibited from producing or selling products that do not meet applicable standards and requirements for safeguarding human health and ensuring human and property safety. Products must be free from unreasonable dangers threatening human and property safety. Where a defective product causes physical injury to a person or property damage, the aggrieved party may make a claim for compensation from the producer or the seller of the product. Producers and sellers of non -compliantproducts may be ordered to cease the production or sale of the products and could be subject to confiscation of the products and/or fines. Earnings from sales in contravention of such standards or requirements may also be confiscated, and in severe cases, an offender’s business license may be revoked. 175 INDUSTRY OVERVIEW The information presented in this section has been derived from an industry report commissioned by Scage International and prepared by Frost & Sullivan, an independent research firm, regarding the industry and market position of Scage International in China. Unless otherwise specified, all market and industry information included in this section is derived from the industry report prepared by Frost & Sullivan. Overview of the Global and China’s New Energy Vehicle Markets After more than a decade of innovation and development, the global new energy vehicle (“NEV”) industry has achieved significant advancements in technology, performance and quality. Consequently, consumers’ awareness and recognition of NEVs have witnessed significant improvement. The growing understanding of their eco -friendlynature, long -haulcapabilities and incorporation of cutting -edgeintelligent driving technologies has led to an increasing adoption rate for NEVs. In addition, governments worldwide are actively advocating for a shift from traditional internal combustion engine (“ICE”) vehicles to NEVs. As a result, the global NEV market, in terms of sales volume, realized a significant increase from 2.2 million units in 2018 to 11.7 million units in 2022 at a CAGR of 52.7%, and is expected to reach 36.1 million units in 2027, representing a CAGR of 22.4% from 2023 to 2027. In 2022, China was the largest NEV market in the world, accounting for approximately 58.8% of the global NEV sales. It is anticipated that China will maintain its position as the leading NEV market globally, capturing around 53.5% of the market share by 2027. NEVs are categorized by power sources into battery electric vehicles (“BEVs”), plug -inhybrid