Another wave of competitive pricing has emerged, with new models entering the market at discounts of 10%-15% compared to R$200k vehicles. For example, the GAC GS4 is priced at R$189k, and higher-category models competing in the R$250k range, such as the Geely EX5 priced at R$190k and the Leapmotor C10 at R$190- 200k. Similarly, mid-range offerings include the Caoa Tiggo5x at R$119k (12k units sold in the launch) and the EX2 at R$130k. Looking ahead, similar to the developments observed in 2024, we may expect a potential impact on Seminovos FIPE prices in 2026, with adjustments likely to occur over a six-month period. Although the story of Chinese automakers in Brazil is not new, since 2023 they have reshaped the market and gained relevant traction with competitive pricing, rapid into Brazil. Its initial portfolio included the Celer hatch and sedan, followed by the