China's Growth Opportunities and Offshore Investing

China's electric vehicle opportunity * Rising EV penetration driven by improving product functionality as well as local policy support China's new energy vehicles (NEV)* % of total China vehicle sales 20% Global electric vehicle sales Millions 5 18% 16% 14% 12% 10% 8% 6% 4% State Council's goal: NEV penetration to reach 20% by 2025 m N Countries/Regions 2021 China Europe North America Japan & Korea Rest of the world 2.0 1.7 0.5 0.1 0.1 0% '16 '17 '18 *19 '20 '21 '22 123 '24 '25 '16 '17 '18 '19 "20 '21 2% Source: JP Morgan Asset Management. Data as on Feb 28, 2022. (left) China Association of Automobile Manufacturers. (Right) Marklines, Bloomberg New Energy Finance

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