112 Internal Combustion Engine Vehicles Should Lose Significant Share If EVs continue to gain share, as we believe they will, then used cars and new EVs will make more economic sense than new internal combustion engine (ICE) vehicles, perhaps causing a death spiral for incumbent auto manufacturers. As EV and used car prices fall, consumers could delay purchases, waiting for even lower price points. Auto Sales Historical EV Sales ARK EV Forecast ARK ICE Forecast IHS Markit Forecast ES 120 L IC 100 VEH ) IC ns 80 R io T l EC il (M EL 60 s nit U 40 20 2016 2017 2018 2019 2020 2021 2022 2023e 2024 2025 2026 2027 2028 2029 2030 Actual Forecast Note: 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.