0:00:00.000,0:00:04.320
So the city of Shenzhen is[br]actually the first city in the

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world to achieve a full electric[br]bus and taxi fleet. So that

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means 16,000 buses and 23,000[br]taxis. So as you can imagine,

0:00:16.080,0:00:25.260
that's a really big transition[br]to make happen. And this, of

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course, is driven largely by[br]policymakers that we have and

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trying to advance the industry of[br]the electrical vehicle. And

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behind this political will there[br]is a lot of collaboration

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between different departments in[br]in a municipality, for example,

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land use for building charging[br]stations and charging poles and

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the traffic control to give[br]priority to the electrical

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vehicles. And also, of course,[br]financing plays a big part as

0:00:52.680,0:00:57.690
well. However, not to overlook[br]there's the innovation in the

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private sector and finance[br]sector also play a really key

0:01:00.960,0:01:05.580
role in actually making it[br]happen. As you can imagine,

0:01:06.450,0:01:10.500
transitioning from a diesel[br]vehicle to an electrical

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vehicle, it's actually really[br]costly. So for example, one

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electric bus costs about 1.8[br]million RMB, which is a lot of

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money, and they have to have a[br]lot of them. So there was a lot

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of national and city level[br]subsidy to make it happen, which

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really took a lot of pressure[br]away, but in the end it's still

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a lot of money, a lot of[br]pressure for the bus companies.

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So the private sector the[br]finance institutes come

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together, and then they offer[br]this scheme that basically the

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financier to buy these buses and[br]rent them out to bus companies

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to help them to achieve this[br]transition.