Though EV sales growth has slowed, the market is still rising at around 2m vehicles / year • Carrying this rate forward, China would reach 100% NEV market share around 2027 • Assuming vehicles last 15 years, this yields a 50% NEV share in the vehicle fleet by 2032 • Using government target of 45% sales in 2027 and 65% in 2030, EV stock lower by about 10 pp
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