107 The Auto Industry Is Likely To Consolidate If EV adoption continues to gain traction, traditional automakers may be forced to restructure and consolidate. GM Delays EV Truck Production At Michigan Global Battery Electric Vehicle Sales Plant By Year Market Share* —Reuters Oct 17, 2023 15% ES L VW Group Delays EV Battery Plant In Europe IC VEH Amid “Sluggish” EV Demand 10% IC R T “There is for the time being no business rationale for nt EC ce deciding on further sites,” Volkswagen Group CEO Oliver r EL e P Blume said. 5% —InsideEVs Nov 2, 2023 Ford Will Cut Weekly Production Of F-150 0% Lightning In Response To Slowing Demand 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023e —The Verge Dec 11, 2023 *BEV market share is calculated relative to all “light vehicles”, which are vehicles with a maximum Gross Vehicle Weight Rating (GVWR) of < 8,500 lbs. Sources: ARK Investment Management LLC, 2024, based on data from EVVolumes.com 2023, Hawkins 2023, Mihalascu 2023, Shepardson & Klayman 2023, Rosevear 2023, Transport Policy 2023. 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.