Company: SCAG
Filing Date: 2025-01-06
Form Type: 424B3
Source: 0001213900-25-001215
Chunk: 372

Company: Scage Future
Filing Date: 2025-01-06
Form: 424B3
Chunk 372
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 growth of commercial NEVs has been particularly significant in regions including China, Europe and North America. These regions have witnessed substantial investments in infrastructure, technology and policies supporting the adoption of electric and fuel cell vehicles. BEVs have taken the largest market share among various types of commercial NEVs with a market share of over 90% since 2018. The appeal of commercial PHEVs and EREVs lies in their ability to offer both electric and conventional driving capabilities, providing commercial operators with the flexibility to adapt to various driving conditions and range requirements. This characteristic has made PHEVs a popular choice for fleet operators looking to transition to cleaner and more sustainable transportation solutions. As the largest commercial NEV market in the world, China accounted for a market share of over 80% in terms of sales volume in 2022, which was attributed to its strong government support, primarily in the form of policies, incentives and subsidies, strict emission regulations, and significant investments in charging infrastructure and hydrogen refueling stations. The rapid urbanization and e -commercegrowth in China have led to increased demand

177 for commercial vehicles, prompting businesses and logistics companies to turn to new energy options for sustainable transportation solutions. The following diagrams set forth the global and China’s commercial NEV sales volume by power sources for the periods indicated. Global and China’s Commercial NEV Sales Volume by Power Sources Source: F&S Report In the global commercial NEV market, although heavy -dutycommercial NEVs, such as dump trucks, tractor trucks and other heavy -dutyspecialized vehicles, only accounted for a market share of 6.9% in terms of sale volume in 2022, they represented a significant carbon emission source due to their high fuel consumption. The adoption of heavy -dutycommercial NEVs is therefore essential to accelerate the carbon neutrality process and reduce greenhouse gas emissions. In 2022, China accounted for approximately 93.0% of the global sales volume of heavy -dutycommercial NEVs, with sales volume surging from 0.9 thousand units in 2018 to 25.4 thousand units in 2022 at a CAGR of 127.9%. The following diagram sets forth the global and China’s heavy -dutycommercial NEV sales volume for the periods indicated. Global and China’s Heavy -duty Commercial NEV Sales Volume Source: F&S Report Key Drivers and Trends of Global and China’s Commercial NEV Markets The key drivers and trends of the global and China’s commercial NEV markets include