11 Individual Technology Advances Can Coalesce And Cascade Into Massive New Market Opportunities Neural Networks Advanced Battery Technology Autonomous Mobility Advanced AI enables robotaxis Battery electric drivetrains The combination of AI and battery to rely on fewer, less expensive + reduce robotaxi operating = electric drivetrains enables robotaxi sensors. costs by 60%. systems to scale. CE Robotaxi Manufacturing Costs RobotaxiOperating Cost Per Mile N (Per Vehicle, 2024)* By Drivetrain Type E Adaptive Robotics G R 200 E V $0.31 N In addition to better batteries and AI, CO 150 general purpose robots will require better: 100 • Electric motors Thousands, $ $0.12 • Power electronics 50 • Sensors • Power-efficient compute Waymo Tesla Internal combustion Electric As robotaxis scale, the cost of each 5 LIDARs, 29 cameras, 6 9 Cameras technology should decline according radars, 8 ultrasonic to its learning curve. sensors *Waymo manufacturing costs are estimated based upon public statements. Sources: ARK Investment Management LLC, 2024. This ARK analysis is based on a range of 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.