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I have two questions. One is, why do you think e-bikes are so expensive? And what is the reason that prices aren't coming down, given that normally when you have scale, more and more manufacturers enter the market, you should see some economies of scale and prices should decrease. This doesn't seem to be the case here. Why do we think that is?

It's because there are no economies of scale. If you are a manufacturer and you buy 10,000 frames in Asia, or even build your own plant, the price difference between 10,000 or 100,000 isn't really significant. Additionally, there is a duopoly concerning the main components, brakes, and gears. You know, you have Shimano and one or two other players. They don't offer much better prices even if you buy three times the quantity.

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