Company: SCAG
Filing Date: 2025-11-12
Form Type: 20-F
Source: 0001213900-25-109190
Chunk: 75

Company: Scage Future
Filing Date: 2025-11-12
Form: 20-F
Item: Item 4
Chunk 75
---
 China. Our e-fuel product line is complemented by our methanol-fueled hybrid model and natural
gas-fueled hybrid model, both of which are advancing to the testing stage. Additionally, we are actively developing our zero-emission,
hydrogen-fueled hybrid model.

Our business philosophy revolves
around utilizing renewable energy-derived, low-carbon and zero-carbon fuels as the primary energy source for heavy-duty commercial
vehicles. As such, we offer e-fuel products and solutions to the global transportation industry. We are devoted to developing e-fuel solutions
utilizing green electricity generated from wind and solar sources, green hydrogen produced through water electrolysis powered by renewable
energy, and high-energy-density derivatives like methanol and ammonia synthesized from green hydrogen. Adhering to our business
philosophy, we have curated a product portfolio comprising all-electric, diesel-electricity hybrid, including range extenders, and
electricity-hydrogen hybrid trucks.

Moreover, we have seized
the overseas demand for heavy-duty commercial vehicles. We have conducted business development activities in Southeast Asia, the
United States, the Middle East, Mongolia and Mexico to gather overseas market intelligence and access overseas customers, and we may
establish semi-knocked down or completely knocked down facilities overseas.

Leveraging our diverse product
portfolio, low-carbon and e-fuel-centered business strategy and our global vision, we believe we are well-positioned to
capture the enormous market opportunities in China’s heavy-duty commercial NEV market. The market size, in terms of vehicle
sales volume, increased from 0.9 thousand units in 2018 to 25.4 thousand units in 2022 at a CAGR of 127.9%, and is expected to reach
275.6 thousand units in 2027, representing a CAGR of 65.9% from 2023 to 2027.

Comprehensive vehicle portfolio addressing
diverse commercial transportation needs

We provide
technology-empowered NEV trucks to address the diverse commercial transportation needs of our global customers. Our current
vehicle offerings include Dragon King, a plug-in hybrid dump truck, primarily designed for mining and other
heavy-duty loading and offloading uses, Galaxy II, a plug-in hybrid truck, primarily designed for
long-distance road transportation and logistics services, Q-truck, an autonomous tractor trailer, that can be widely
used in smart transportation scenarios, Andromeda, an all-electric semi-tractor truck, primarily