market for used car prices, particularly following launches such as the Tiggo 5x 2026 priced at R$119k. At comparable price points, buyers can find Seminovos Hatches from the 2023/2024 model years, compact SUVs from 2023, and other vehicles that are 2-3 years old, featuring older technology and fewer features. For instance, Hyundai Creta 2022/23, as well as models similar to the Jeep Renegade Longitude or Moreover, in the UBS Global Autos team Q-series (link), our team has observed that recharging durations, having already achieved parity in driving range, thereby reducing reliance on subsidies. This means that EVs should remain gaining market Depreciation rates remain a significant challenge, influenced by factors such as of EVs. In China, EV depreciation rates have declined from 70% to 60% for a 3 years old vehicle, yet they remain higher compared to ICE vehicles (at 50% from historical 30%). A global transformation in depreciation trends is anticipated, especially We examine pricing data for both new and pre-owned vehicles sourced from FiPE, covering the period from January 2022 to January 2026, across more than 350 car models within the most popular categories: Small Hatch, Medium Sedan, and SUv. pricing of comparable new vehicles since 2022, focusing on models such as the Tiggo 5x, Tiggo 7, BYD Dolphin Mini, and Haval H6. Additionally, we assess market share data provided by Fenabrave. Following this, we analyze depreciation trends across SUVs, Small Hatches, and Medium Sedans, distinguishing these trends from those observed in Chinese vehicles, and explain why we anticipate higher structural