Narrowing Internal Combustion Engine Vehicle (ICEV) sales in2021: Traditional ICE vehicle sales have declined since early-2021, at-16% YoY in Oct-21 and -1.5% YoY for 10M21, vs. +9% YoY growth fortotal PV sales in 10M21, partly due to chip supply constraints. Despitea likelihood of some chip supply recovery in 2022, we could see secularICEV sales moderation going forward with a rise in NEV sales.Specifically, we expect ICEV sales volume to more than halve from~19mn units in 2020 to ~7.8mn by 2030E, and we see an 8.5% compoundannual decline rate (CADR) over the next 10 years. Our forecastfor a decline in ICEV sales is also greater than our global forecastof ~4% CADR through 2020-2030, from ~70mn units in 2020 to~46mn units in 2030E, mainly given China's earlier push for NEVadoption which goes back to 2010.