125 Robotaxi Passenger Trips Annualized At A ~2 Million Mile Rate Late Last Year Robotaxis are operating in ~20 cities globally, with fully driverless commercial options in at least 7 cities. In 2023, Baidu was operating at a run rate of 1.6 million autonomous trips,* triple those of Waymo. Cruise has ceased US operations. With access to 50x more driving data than Baidu and 280x more than Waymo, Tesla has a massive data advantage as it prepares to launch its robotaxi service, the largest AI project in the world. Autonomous Rides Autonomous Miles IS Run Rate Run Rate X A T 1.8 800 O ) B ) 1.6 d 700 d e RO e iz iz 1.4 al 600 al 1.2 (Annu 500 (Annu1.0 s 400 s e e 0.8 il il M 300 M 0.6 n n io io l 200 l 0.4 il il M M 0.2 100 0.0 - Baidu Waymo Tesla Cruise Baidu Waymo Tesla Cruise *This includes only the 55% of rides that are fully autonomous at Baidu. The chart on the right assumes 5 miles per trip for Waymo, Cruise, and Baidu. Tesla miles in righthand chart are FSD miles and still require a human behind the wheel. Sources: ARK Investment Management LLC, 2024. This ARK analysis is based on a range of underlying data from external sources, which may be provided upon request. Forecasts are inherently limited and cannot be relied upon. For informational purposes only and should not be considered investment advice or a recommendation to buy, sell, or hold any particular security. Past performance is not indicative of future results.