To enlighten investors on the impact of these breakthroughs and the opportunities they should create, we began publishing Big Ideas in 2017. This annual research report seeks to highlight

2019
2020

---

•
*A MWh is 1,000 kWh.
Forecasts are inherently limited and cannot be relied upon.
Source: ARK Investment Management LLC, 2020, based on data sourced from: Avicenne Energy, International Energy Agency (IEA), and Bloomberg New Energy Finance (BNEF). 
53
Electric Vehicles (EVs)
Wright’s Law Has Modeled The Decline In Battery Costs Successfully
$1
$10
$100
$1,000
$10,000
10
100
1,000
10,000
100,000
1,000,000
10,000,000
USD/kWh
Cumulative MWh* Produced
Li-ion Cost Decline Model
Modeled Cost Decline
Forecast Cost Decline
Reported Prices
According to Wright’s Law, for every cumulative doubling of units produced, battery cell costs will fall by 28%. The largest cost 
component of an EV is its battery so these cost declines are critical to reaching price parity with gas-powered vehicles.

---

•
*MSRP stands for the Manufacturer Suggested Retail Price
[1] Total cost of ownership includes savings from gas, maintenance, insurance, and resale value.
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. 
Source: ARK Investment Management LLC, 2020
54
Electric Vehicles (EVs)
Electric Vehicles Are Approaching Sticker Price Parity
With Gas-Powered Cars
The total cost of ownership for a like-for-like EV dropped below that of a Toyota Camry in 2019.
1
Soon, sticker prices likely will do the same.
$24,000 
$25,000 
$26,000 
$26,000