Company: SCAG
Filing Date: 2025-01-06
Form Type: 424B3
Source: 0001213900-25-001215
Chunk: 935

Company: Scage Future
Filing Date: 2025-01-06
Form: 424B3
Chunk 935
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 by the end of 2023, representing a 35% year-on-year increase with new purchases accelerating in the second half of this year. As a result, electric cars could account for 18% of total car sales across the full calendar year. National policies and incentives will help bolster sales, while a return to the exceptionally high oil prices seen last year could further motivate prospective buyers. There are promising signs for emerging electric vehicle markets, albeit from a small base. Electric car sales are generally low outside the major markets, but 2022 was a growth year in India, Thailand, and Indonesia. Collectively, sales of electric cars in these countries more than tripled compared to 2021, reaching 80,000. For Thailand, the share of electric cars in total sales came in at slightly over 3% in 2022, while both India and Indonesia averaged around 1.5% last year. In India, electric vehicle and component manufacturing is ramping up, supported by the government’s USD 3.2 billion incentive program that has attracted investments totaling USD 8.3 billion. Thailand and Indonesia are also strengthening their policy support schemes, potentially providing valuable experience for other emerging market economies seeking to foster electric vehicle adoption. Market trends and policy efforts in major car markets are supporting a bright outlook for electric vehicle sales. Under the IEA Stated Policies Scenario (STEPS), the global outlook for the share of electric car sales based on existing policies and firm objectives has increased to 35% in 2030, up from less than 25% in the previous outlook. In the projections, China retains its position as the largest market for electric cars with 40% of total sales by 2030 in the STEPS. The United States doubles its market share to 20% by the end of the decade as recent policy announcements drive demand, while Europe maintains its current 25% share. Projected demand for electric cars in major car markets will have profound implications on energy markets and climate goals in the current policy environment. Based on existing policies, oil demand from road transport is projected to peak around 2025 in the STEPS, with the amount of oil displaced by electric vehicles exceeding 5 million barrels per day in 2030. In the STEPS, emissions of around 700 Mt CO2-equivalents are avoided by the use of electric cars in 2030. The European Union and the United States have passed legislation to match their electrification ambitions. The European Union adopted new CO2 standards for