WEBVTT

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So the city of Shenzhen is
actually the first city in the

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

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

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that's a really big transition
to make happen. And this, of

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course, is driven largely by
policymakers that we have and

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trying to advance the industry of
the electrical vehicle. And

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behind this political will there
is a lot of collaboration

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between different departments in
in a municipality, for example,

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land use for building charging
stations and charging poles and

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the traffic control to give
priority to the electrical

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

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well. However, not to overlook
there's the innovation in the

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private sector and finance
sector also play a really key

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role in actually making it
happen. As you can imagine,

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transitioning from a diesel
vehicle to an electrical

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

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

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

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

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

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a lot of money, a lot of
pressure for the bus companies.

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So the private sector the
finance institutes come

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together, and then they offer
this scheme that basically the

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financier to buy these buses and
rent them out to bus companies

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to help them to achieve this
transition.