So, I think there are two €“ there are different solutions looking into it. One solution is sort of the battery swapping or battery rental solutions where people buying the scooters, but actually rental battery or lease the battery. So the battery cost actually, booking on a monthly fee as opposed to upfront cost. So, we’re €“ so that will help to lower the upfront cost. There are also second speculation on potential government subsidies. I think just to give you an example here, where the Southeast Asian market, kind of like the India market. Indian markets, they’re even bigger about 24 million units of petrol motorcycles. Their pricing is very similar in India market and the Southeastern market. But Indian market, with the government subsidies, they had a subsidy is about $250 or $300.
The Indian market in the last 3 years was able to grow from, annually, about 100,000 units of electric two-wheelers to about 600,000 units last year, where Southeast Asia market right now, the electric two-wheelers is very minimal. It’s less than 100,000, but electric motorcycles. So, we do think that the €“ if you compare those two markets, we do think the Southeast Asia market, at least have a potential in the next couple of years to grow to the size of India market. And we’ve been actually planning to see there for multiple years. So, this is actually €“ we do think in the next couple of years is the market that we’re able to capture some of the potential high growth there.
Alice Ma: Okay. Very clear. Thank you. And also wish that we have some in the following years. Thank you.
Yan Li: Thank you.
Operator: Thank you. We’ll now move on to our next question. Our next question comes from the line of from Credit Suisse. Please go ahead. Your line is open.
Unidentified Analyst: Thank you taking my question. I have one question. So, how do you view the competition landscape with some new entrants or potential new entrants, for example, the brands who are trying to transfer from traditional ICE motorcycle makers to the electrified motorcycle field? For example, Hyundai and , they all have launched new products and the price range is from RMB 3,000 to RMB 7,000. I guess there are some price overlap between those products. So, how do you view the difference between new and those products in terms of €“ with those brands in terms of product or sales channels or some other aspects? Thank you.
Yan Li: Yes. So Scarlet, I think for us, it’s €“ first, China market is still a big market. But I think may say, 40 million units a year, 45 million a year, some markets that’s 50 million units a year. It’s a huge market, such that I think it’s €“ with more brands are coming in, is still able to account more brands. So, from that perspective, it’s actually €“ it’s less a worry from our perspective because even we do about 1 million units in China, it’s only like, what, 2% of the market. So it’s €“ we have less concern when more brands come in. I think, it’s €“ but I think the right one would be €“ or the more related one will be actually either brands actually position their products similar to our product, like a premium brand or those ones, which I think they are buzz last year about Honda coming with leveraging their, like really the not €“ like, I think, the three models like a Zoomer, I forgot what’s the other two models, like well-known petrol models that made it electric.
