135 Autonomous Vehicles That Roll And Fly Could Lower Supply Chain Costs Dramatically According to our research, autonomous vehicles should operate at higher utilization rates than human-in-the-loop systems, creating more cost-effective last-mile delivery systems. Truckload Delivery Cost Local Batch Delivery Cost Local Small Item Delivery Cost (Per Ton-Mile) (Per Trip) (Per Trip) S C I T S I G O L S U O M -57% O N O -83% T $0.07 -94% AU $2.40 $5.40 $0.03 $0.35 $0.40 Human-Driven Rolling Integrated Human-Driven Drone Human-Driven Autonomous Human-Driven Robot Vehicle Delivery Diesel Truck Electric Truck Delivery Traffic Robot Delivery App Delivery Delivery Note: Drone price per mile has been updated with our latest assumptions for replacement costs, launching and charging infrastructure, insurance, and labor costs. Fees for drone and robot delivery are shown net of infrastructure costs (outside of charging and launch/land), which we believe could either be born by the drone or robot delivery operators or shared with logistics or retail partners. ARK Investment Management LLC, 2024. This ARK analysis is based on a range of underlying data from external sources as of December 7, 2023, 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.