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

$50,000 
$39,000 
$26,000 
$18,000 
$-
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
2019
2021
2023
2025
MSRP* (USD)
Vehicle Prices
Toyota Camry
350-Mile Range EV

---

•
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, based on data sourced from: Kierstein, Alex. “Polestar 2 Recalled Again, This Time for EV Component Issue.” MotorTrend, MotorTrend, 3 Nov. 2020, www.motortrend.com/news/polestar-2-
recall-inverter; O'Kane, Sean. “VW's First Mass-Market EV Suffers Delay Thanks to Software Struggles.” The Verge, The Verge, 11 June 2020, www.theverge.com/2020/6/11/21288572/volkswagen-id3-ev-delay-software-vw-herbert-diess; 
“Hyundai to Expand Kona EV Recall to North America, Europe over Battery Fire Risk - Yonhap.” Reuters, Thomson Reuters, 12 Oct. 2020, www.reuters.com/article/hyundai-motor-ev-battery/hyundai-to-expand-kona-ev-recall-to-north-
america-europe-over-battery-fire-risk-yonhap-idUSKBN26X0GP. 
55
Electric Vehicles (EVs)
In Addition To Cost, EVs Are Competing On Range And Performance
The auto market is undergoing a shift to both electric and autonomous. ARK believes that traditional automakers lack the software 
and electrical engineering talent necessary to succeed.
Porsche Taycan Turbo S
Audi e-tron
Hyundai Ioniq
Jaguar I-Pace
Chevy Bolt Today
Nissan Leaf Today
NIO EC6
Mustang Mach-E
2018 Tesla Model 3 LR AWD
Tesla Model 3 LR AWD Today
2017 Chevy Bolt
2015 Nissan Leaf
1
2
3
4
5
0
2
4
6
8
10
12