The 630×

Growth Map
A TIMELINE FOR INVESTING
IN THE ERA OF SELF-DRIVING CARS
 The 630×
Growth Map
A Timeline for Investing
in the Era of Self-Driving Cars

This comprehensive report will provide you with an outline of

all the most important automotive markets across the next decade.
We’ll also pinpoint when these industries should see their
highest growth and the specific stock picks we’ve made to address each one.

We strongly recommend you either bookmark or print out this report,

as it contains our full thesis across the future of cars. We hope you enjoy!

Background self-driving cars is massive, maximizing your profit

Researcher Grand View recently released a report that potential will be about much more than simply buying
self-driving (or, autonomous) cars would grow at a a single company and hoping you’ve made the right bet.
63.1% compounded rate between 2021 and 2030. That’s why in this report, we’ve attempted to create
That level of compounded growth works out to sales a “growth map” across the next decade. To pinpoint the
in 2030 being an incredible 630× greater than today. most lucrative markets that are poised to see inflection
While that may already seem compelling, the conclu- points in demand.
sion Grand View reaches, that autonomous cars will For each market you’ll see our timeline of when
become a $4 trillion market, could prove conservative. we believe growth could accelerate, in addition to the
2 General Motors’ Cruise unit values the self-driving stocks we’ve pinpointed to maximize your profit poten-
market at $8 trillion tial for each seismic shift. Utilizing this strategy, we
believe you can position yourself for upside across the
2 Intel believes self-driving cars will be a $7 trillion entire next decade as EVs proliferate, battery technology
economy by the middle of the century grows by leaps and bounds, and self-driving cars begin
2 And ARK Invest believe a single market opportunity to revolutionize the auto industry.
in the space (more on this below) could be worth up We’ve broken down this report into four key markets
to $11.9 trillion that could see massive tailwinds across the next decade.
In each market, we’ll reveal strategies that are targeting
Whichever way you slice the numbers behind key inflection points.
self-driving cars, the opportunity is staggering. We hope this report helps your further understand
Yet, if you walk outside your house today, you will our excitement for this market and gives you a com-
see no fleet of robo-taxis flying by. If you’re on the plete game plan for positioning your portfolio for this
freeway and look across to a semi-truck, it will still incredible market opportunity.
have a driver. Clearly, while the opportunity around Within this report you’ll discover:

THE 630× GROWTH MAP 1

 The Future of Cars Computers on Wheels
The shift toward electric vehicles is accelerating. In On February 10, GM [NYSE: GM] issued an ominous warn-
2020, sales of gas-powered cars fell 15% while EV sales ing in its earnings: A worldwide chip shortage could
rose 33%. Some estimates believe electric car sales could cut this year’s earnings by $2 billion. Ford [NYSE: F] also
grow at an 82% CAGR through 2025, making EVs one of announced chip shortages could cost it billions.
the fastest-growing markets in the world. The key point: Cars are quickly becoming com-
puters are wheels. We’ll detail the chip companies
Strategies we’ll discuss: with the most to gain from the transition to electric
2 The rise of China: China’s EV market is more vehicles and self-driving cars.
than 2.5× the size of the U.S. We analyze our top EV
company in this massive market. Strategies we’ll discuss:
2 The next massive chip industry: Did you know
2 Next-generation transport opportunities: While
that 40% of the cost of cars comes from electronics?
today Models 3s are taking over roads, the next wave
We’ll dig into a massive chip company that we’re
could be electric buses, semis, even planes.
betting will see soaring automotive sales in the
2 Robo-taxis and the rise of self-driving: The years ahead.
ultimate prize in the next decade could be building
2 EV chip titans: If a chip company went from $50
out a fleet of on-demand robo-taxis.
to $100 in sales per gas-powered car to $1,800 in a
self-driving EV, that’s probably a stock worth your
Batteries interest. We’ll pinpoint two companies with a lot to
gain in the coming years.
The price to produce batteries has dropped 90% since
2010. This price drop is a key reason why EV sales could 2 Self-driving chips: Self-driving cars will come
soon hit an inflection point as their prices become more with supercomputers and a host of other chips and
affordable than gas-powered cars. sensors. What company could be an under-the-radar
winner in this space?
Strategies we’ll discuss:
2 The battery inflection point: With EV sales The 21st Century’s
booming, battery demand could skyrocket in the Most Valuable Resource
coming years. Which companies are best positioned
for this demand boom?
The rise of cars across America in the 20th century made
2 Next-generation batteries: What new technol- oil the world’s most valuable resource. Could the rise
ogies could revolutionize batteries? Discover why of electric vehicles create a new resource where limited
high energy density batteries could become the next production meets insatiable demand?
revolutionary technology in electric vehicles.
2 Lithium future: If lithium becomes the oil of the
21st century, what’s the top recommendation for
this market?

2 THE 630× GROWTH MAP

630× Growth Map
THE FUTURE OF CARS
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

STRATEGY 1 STRATEGY 2 STRATEGY 3

2021–2025 2023–2027 2025–2030
The rise of China Next-generation Robo-taxis and the
transport rise of self-driving cars
opportunities

STRATEGY 1 In 2021, it’s expected that 44% of all EV sales will

happen in China, a rate that’s more than 2.5× the size of
The Rise of China the entire North American market.

One of the — if not the — biggest trends of 2020 was the

incredible share price gains of electric vehicle compa- 2021 EV market share
nies. Tesla [NASDAQ: TSLA] rose 743%, while Chinese
China 44%
upstart Nio [NYSE: NIO] saw even higher gains, returning
Europe 28
1,112% in just a single year.
North America 16
What’s behind the optimism? Researcher IHS now
Japan & South Korea 11
believes electric vehicle sales will rise by 52% com-
pounded across the coming years, hitting a total of 12.2
million cars by 2025. OUR RECOMMENDATION
EV sales 12.2
Xpeng
MILLION
NYSE: XPEV
MARKET CAP: $26 billion
2.5 WHY BUY: The best claim to being the
MILLION
Tesla of China
Xpeng was founded in 2015 but has rapidly put
2020 2025 itself in position to lead China’s EV revolution.
The company produces the three best-selling
And that growth might be understating the impact of SUVs in China, with a focus on its technology,
electric vehicles. ARK Invest predicts EV sales will jump which includes a large self-driving car division.
by 20-fold from 2020 to 2024. If their prediction proves Why did we choose Xpeng over other Chinese
accurate, that will put EV sales at 40 million. EV makers? Simply put, we believe Xpeng has
While Model 3s are rapidly becoming common in the best claim to being the “Tesla of China.”
cities across America, the pace of EV acceptance in the Unlike competitor Nio, Xpeng is beginning to
U.S. is nowhere close to China. manufacture its own cars in a new factory.

Read our full Xpeng recommendation

THE 630× GROWTH MAP 3

 STRATEGY 2 OUR RECOMMENDATION
Next-Generation TPI Composites
Transport Opportunities NASDAQ: TPIC

It’s not just electric cars that are making noise in the
MARKET CAP: $1.7 billion
market, from buses to helicopters, EV companies are WHY BUY: A green energy star with a
transforming transportation. bright future in electric buses
Just consider:
Today, TPI Composites’ business is over-
2 Joby Aviation, a company building electric- whelmingly wind turbine blades. That’s been
powered vertical takeoff and landing (VTOL) taxis a good business to the company, which has
that look like a combination of a plane and grown sales at a compound annual growth rate
helicopter, announced on February 24 that it is of 23% across the past five years.
going public in a $6.6 billion transaction. (For perspective, that’s a stronger growth rate
2 Proterra, an electric bus company, announced in than Alphabet [NASDAQ: GOOG, GOOGL],
January it will be going public in a deal valuing it at which owns Google.)
$1.6 billion. And yet in the years to come TPI, could see
As of 2019, 99% of the world’s electric buses were huge tailwinds that the market still doesn’t
in China, but the situation appears set to shift. Rapid appreciate. That’s because TPI is making
decreases to electric battery costs is making their use in composite chassis for buses. Since electric
industries ranging from semitrucks to buses and even to buses need to shed weight to get more range,
the importance of their composite bus business
air travel extremely likely in the next decade.
could hit an inflection point once EV buses take
That’s important because mass transit and shipping
off.
are massive markets. In 2019, Americas took 9.9 billion
trips on public transit. In addition, there are 1 million Read our full TPI Composites
new buses registered annually in America. With the recommendation
price of a bus being an order of magnitude larger than
a car, you can see why this market opportunity is so
exciting!
So, what’s the best way to invest in this trend? A
key theme of this report is pinpointing the ideal time for
growth in markets. While companies like Proterra and
Joby are exciting, the explosive growth in markets like
electric aviation and mass transit will likely trail cars by
years.
Below we’ve recommended a company that has
massive growth opportunities from the green economy
today, but in the years to come could see electric buses
become a massive catalyst.

4 THE 630× GROWTH MAP

STRATEGY 3 Now, the growth of the robo-taxi market will likely
play out later in the decade, but that doesn’t mean you
Robo-Taxis and the can’t position your portfolio today. Our recommenda-
Rise of Self-Driving tion in this space provides stability today but has major-
ity ownership in an advanced self-driving car company
The age of self-driving is rapidly approaching. With that’s already running driverless tests in San Francisco
Tesla reaching beta in its “full self-driving” (FSD) soft- and has ambitions to create the largest robo-taxi fleet in
ware and Waymo offering driverless rides across the the world.
Phoenix metro, the technology is progressing at a pace
most investors have yet to appreciate.
And yet, the grand prize of self-driving might be OUR RECOMMENDATION
something many investors aren’t focused on. That is, a
future where self-driving cars create a massive fleet of General Motors
“robo-taxis.” Just consider, ARK Invest estimates the net NYSE: GM
present value of robo-taxis could reach $11.9 trillion.
MARKET CAP: $73.9 billion
Why could robo-taxis become so popular?
WHY BUY: Shifting to EVs with an
2 The combination of EVs and self-driving software
inside track to the robo-taxi prize
could make it much cheaper to call an on-demand
robo-taxi than own a car. Today taxis cost an average In the past year, GM has shown how deeply
of $3.50 per mile. Robo-taxis could drive the cost per committed it is to the EV space. First of all, the
mile down to $0.25. More importantly, the total cost headline: GM has pledged to only sell vehicles
of driving a personal car is about $0.70 per mile. with zero tailpipe emissions by 2035.

All-in cost per mile Second, it’s not only announcing more EVs such
as the Hummer EV but is also working on a joint
$3.50 venture with LG Chem that will give them their
own Gigafactory competitor. With the battery
being the heart of the electric vehicle (see our
next section), controlling battery technology
and manufacturing is a critical part of the
$0.70 supply chain.
$0.25
Third, GM owns a majority ownership in Cruise.
average personal autonomous
U.S. taxi car taxi With Microsoft [NASDAQ: MSFT] recently
investing in Cruise and a partnership with
DATA FROM ARK INVEST
Honda [NYSE: HMC] in hand, the company is
2 It’s likely a couple players with large scale will take proving itself to be a leader in the self-driving
race. Add its ambitions in the robo-taxi space,
the bulk of profit in this industry. Just look at how
and you can see how GM is truly pivoting its
Uber [NYSE: UBER] and Lyft [NASDAQ: LYFT] have
business for the next decade of growth.
become a duopoly in ridesharing today. That means
a small number of companies will likely control
Read our full GM recommendation
powerful platforms in this space.

For perspective, $12 trillion is nearly 5× the value of

the world’s largest company today, so even if robo-taxis
hit a fraction of this estimate, there’s a strong chance
this market drives a platform worth trillions.

THE 630× GROWTH MAP 5

 630× Growth Map
BATTERIES
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

STRATEGY 1 STRATEGY 2
2021–2025 2023–2030
The battery Next-generation
inflection point batteries

STRATEGY 1
The Battery OUR RECOMMENDATION
Inflection Point BYD
At the beginning of the last decade, electric vehicles SEHK: 1211 & OTC: BYDDF
were limited for a key reason: the batteries were too MARKET CAP: $87.8 billion
expensive!
The average cost for batteries was about $1,000 per WHY BUY: Not only a leader in battery
kWh. To put that in perspective, the base level Model 3 tech but owns its manufacturing
Tesla announced in 2017 had a 50 kWh battery. Meaning The leader of BYD — Wang Chuanfu — has
at 2010 battery prices, the car would have had $50,000 in been called the Henry Ford of China. In the past
battery costs alone! 15 years, he’s taken the company from less than
When you look at the numbers, it becomes clear why a billion in sales to more than $20 billion today.
Elon Musk started with a roadster and luxury car: Those
Along the way Warren Buffett became an
were the only segments where electric cars could com- investor (his investment is now up 30-fold),
pete while battery production costs were driven down. and BYD became what we’re confident is the
Today, the battery situation is much different. Last best all-around bet on the electrification of
year, a Chinese company broke the $100 per kWh vehicles.
barrier.
BYD is big in not just cars but also trucks,
buses, and even monorails. Most importantly,
With battery costs falling 90% in little
the company not only is a leader in battery
more than a decade, this is setting up a key
technology but also controls its own manufac-
inflection point where EVs could soon be cheaper turing. As battery costs and technology reach
to produce than gas-powered cars. This price an inflection point, BYD should form a corner-
point advantage will rapidly drive EV volume. stone position in your portfolio.

So, while the cost of batteries faces price pressure in Read our full BYD recommendation
the coming years, their improved economics will also
drive a massive influx in volume.
In addition, batteries are the very foundation of an
electric vehicle. Maintaining a technology and manufac-
turing edge in this space could drive the winners in the
coming era of electric and self-driving vehicles.

6 THE 630× GROWTH MAP

STRATEGY 2 this problem. As always, what works in the lab and
at full-scale production can be very different, but you
Next-Generation can see for yourself in the chart below the step change
Batteries QuantumScape’s technology (lithium-metal batteries)
provides over today’s technology.
While battery technology today is already approaching The bottom line: If next-generation battery tech-
an inflection point where its reduced costs drive EV nology takes off, it creates a far larger market than most
prices below gas-powered cars, there’s a second strategy investors realize today. The economics of batteries
to pay attention to in batteries that could produce not only push an EV inflection point in cars, but other
incredible upside for in-the-know investors. transport like buses and semis.
That is: There are a number of battery technologies In addition, every advance in battery technology
that could become game-changers if commercialized. makes their use in power generation and storage that
Behind the scenes, battery technology is experienc- much more compelling, creating a “virtuous cycle” in
ing rapid change. In September, Tesla hosted a “Battery the demand for batteries across the world.
Day,” where it claimed new battery cell designs would OUR RECOMMENDATION
give vehicles a 54% boost in energy density and range.
Translation: EVs Tesla recently sold with a 300-mile QuantumScape
range will soon sell with 500 miles of range at the same NYSE: QS
price point. (And this new battery technology could
even allow Tesla to push entry-level cars down into the
MARKET CAP: $20.1 billion
$25,000 range.) WHY BUY: A risky yet high-upside
Yet, behind the drumbeat of technology and progress battery technology investment
from the largest battery producers like Tesla and BYD,
We described QuantumScape’s battery tech-
there are ideas in battery technology that could prove nology above. If it works at full production, it
extremely disruptive. could be a game-changer for the battery space.
Let’s take a look at the battery technology
QuantumScape [NYSE: QS] is developing — solid-state However, please be aware this is a higher-risk
play than many of our other recommendations.
batteries. The promise of this technology is it provides
Before investing in QuantumScape, make sure
extremely fast charging and significantly higher energy
to read our full recommendation to understand
density than today’s battery technology.
both the upside and risks of this investment.
The problem: Solid-state battery technology has
never been viable because past prototypes created Read our full QuantumScape
needle-like deposits of lithium that would short-circuit recommendation
and cast fires. QuantumScape claims to have solved

THE 630× GROWTH MAP 7

 630× Growth Map
COMPUTERS ON WHEELS
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

STRATEGY 1 STRATEGY 2 STRATEGY 3

2021– 2022–2026 2025–2030
2025 EV chip titans Self-driving chips
The next
massive
chip
industry

STRATEGY 1 And as cars rapidly evolve to become “computers on

wheels” with not only powerful computers to power
The Next Massive self-driving but also dozens of microprocessors to
Chip Industry monitor functions across an entire automobile, this
trend shows no signs of decelerating.
There’s a major threat rippling across the entire auto- Yet not every chip company has made inroads into
motive industry: There just aren’t enough chips to go the auto industry. So as self-driving spurs massive invest-
around. ment into infotainment systems and specialized chips
Both General Motors and Ford have warned that a and the rise of electric vehicles shifts the types of chips
shortage of computer chips to take billions away from demanded inside cars, there will be winners and losers
their bottom line this year. inside the industry.
Below, we’ve selected four companies that we’re
Today, electronics account for 40% confident will be on the “winners” side of the next
the cost of a new car. Increasingly, decade of growth.
investing in the automotive industry
means investing in chip companies.

Electronics as a share of a new car’s total cost

40 60 40 60 40 60 40 60

18% 27% 40% 45%

20 80 20 80 20 80 20 80

2000 2010 2020 2030

8 THE 630× GROWTH MAP

 OUR RECOMMENDATION
Taiwan Semiconductor
Manufacturing
NYSE: TSM
MARKET CAP: $563.5 billion
WHY BUY: Sales of chips to the auto
industry are poised to take off
Today, sales of chips to the automotive
industry account for less than 5% of Taiwan
Semiconductors’ sales. The majority of its sales
go to cutting-edge chips in both smartphones
(48%) and high-performance computing (33%).

Yet, in the coming years the growth of chips in

both ADAS (advanced driving assistance sys-
tems) and full self-driving will mean the auto
industry is increasingly gobbling up Taiwan
Semi’s supply of cutting-edge chips.

The result? Taiwan Semi is likely still in the

first inning of automotive chip demand, and
the industry is poised to provide Taiwan
Semiconductor with a powerful catalyst across
the next decade.

Read our full Taiwan Semiconductor

recommendation

THE 630× GROWTH MAP 9

 STRATEGY 2
EV Chip Titans
While most consumers see self-driving cars as some far- above, was $17.6 billion in 2020 but is expected to nearly
away technology, the truth is that the building blocks of double to $32 billion by 2023.
self-driving car technology have been quietly invading Electric vehicles are generally sold with not only
cars across the past decade. advanced ADAS features, but also top-of-the-line infotain-
For example, technologies like blind spot assistance ment systems, and an entirely different
and adaptive cruise control are becoming common supply chain in parts and the chips needed to power and
in car upgrade packages. Both these technologies are monitor the cars.
stripped-down applications of the most advanced The result? Companies with massive leads in EV
self-driving features today. Both also introduce entirely chips could see growth rates skyrocket if electric vehicle
new types of chips and sensors into cars. sales hit the inflection point we believe is likely in the
The market for ADAS, like the features mentioned coming years.

OUR RECOMMENDATION OUR RECOMMENDATION

Infineon Technologies ON Semiconductor
XTRA: IFX & OTC: IFNNY NADSAQ: ON
MARKET CAP: $56.6 billion MARKET CAP: $16.6 billion
WHY BUY: 36% market share of a WHY BUY: It’s “highly levered” to the
critical EV component growth of EVs and ADAS
Ever heard of insulated gate bipolar transistors ON Semiconductor has an automotive industry
(IGBTs)? They’re not exactly a household name, market share of 4%, making it the 7th largest
but they’ve also been called the “CPU of the chip company in the space. However, we’re
electric vehicle.” With EVs unleashing high volt- most interested in the specific markets its sales
age (~1,000V), IGBTs are involved in battery are concentrated in.
management, motor control, conversion of DC
As of early 2020, the company reports it has
to AC current, and other vital features.
$50 to $100 worth of chips in a car with a
Because of this, IGBTs are the second most combustion engine. However, in EVs, it sells
expensive part of EVs after the battery. Infineon about $500 per car, and in autonomous EVs its
leads the world with 36% market share. Perhaps sales rise all the way to $1,800 per car.
more importantly, it has 58% market share in
The bottom line: with ADAS and EVs rising,
China, where the highest growth of EVs is likely
ON Semiconductor is well positioned to rise
to take place in the coming years.
across the coming decade.

Read our full Infineon Technologies Read our full ON Semiconductor

recommendation recommendation

10 THE 630× GROWTH MAP

STRATEGY 3 OUR RECOMMENDATION
Self-Driving Chips Sunny Optical
SEHK: 2382 & OTC: SOTGY
Across the past decade, cameras have risen exponen- MARKET CAP: $28.2 billion
tially in importance. Just take one look at a brand-new
WHY BUY: The top camera play for
smartphone and what do you see? Sometimes five
the self-driving future
or more cameras, and they’ve become the key selling
feature when launching new phones. Sunny Optical makes camera modules and
The car industry isn’t much different. Tesla’s auto- lenses that predominately sell into the smart-
pilot feature is made possible thanks to eight surround phone industry. While the majority of its
cameras that provide 360 degrees of visibility. Cameras revenue comes from modules, its lens business
drives a 40% gross margin.
are becoming the “eyes” of just about every new safety
feature, and most self-driving cars rely on an array of That impressive margin is important, because
cameras to be able to interpret what’s happening in the Sunny is a leader in the automotive lens busi-
real world. ness. Today, it sells lenses mostly into ADAS
Even before self-driving cars hit the mainstream, systems. Yet, the coming years could see the
cameras are having a huge impact in cars. In the U.S., it’s growth of self-driving cars become a powerful
now mandated to have a backup camera in each new car. catalyst.
In addition, ADAS features increasingly rely on cameras.
Read our full Sunny Optical
There will be a number of sensors that rise in impor- recommendation
tance as self-driving cars hit the mainstream. While
Tesla has built a system without lasers, or LIDAR, most
other auto manufacturers are moving forward with
LIDAR technology.
We examined LIDAR stocks for this report, but many
are trading at extremely speculative prices. We’re not
afraid to pay up for growth, but only if it’s the right kind
of growth. That is to say, there is still much to be deter-
mined in the use of LIDAR and contrasting technology
approaches.
On the other hand, camera use in self-driving cars is
a much higher probability. We’ve identified a compo-
nent play with extremely attractive gross margins that’s
risen with smartphones across the past decade but could
soon see the rise of self-driving cars add a powerful new
catalyst.

THE 630× GROWTH MAP 11

 630× Growth Map
THE 21st CENTURY’S
MOST VALUABLE RESOURCE
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

STRATEGY 1
2021–2030
Lithium future

STRATEGY 1 Yet a key theme of this report has been most electric
vehicle predictions are underestimating the coming
Lithium Future impacts of the industry. As production and interest in
the space grows, that will create a virtuous cycle that
Lithium-ion cells contain three major parts: drives down battery costs and makes EVs cheaper than
1 Anodes gas-powered cars, which will create even more demand.
Resources are a notoriously difficult industry to
2 Electrolytes
invest in with booms and busts. However, they can also
3 Cathodes
prove quite lucrative when demand suddenly outstrips
As we described earlier in our battery section, there supply and there’s an inability to rapidly bring produc-
are companies constantly searching for breakthroughs tion online.
and efficiency in battery chemistry. Materials from The amount of lithium used in a single Model S
nickel, to cobalt, to aluminum, and manganese can all battery (70 kWh) is estimated to be more than the
be used in cathodes. amount used in 10,000 cell phones. Given the coming
The UN estimates total cathode mining will jump growth in electric cars, the forecasts for lithium-ion
from $7 billion in 2018 to $58.8 billion 2024. batteries demand are mind-boggling.

Annual lithium-ion battery demand

3,000 GIGAWATT-HOURS

energy storage systems

automotive
2,000

1,000

2016 ’17 ’18 ’19 ’20 ’21 ’22 ’23 ’24 ’25 ’26 ’27 ’28 ’29 ’30
ESTIMATES
DATA FROM UBS

12 THE 630× GROWTH MAP

 UBS estimates we’ll need 2,700 gWh of lithium-ion OUR RECOMMENDATION
batteries a year by 2030, which is about 13-fold growth Ganfeng Lithium
from 2020’s battery power usage.
Lithium prices got ahead of themselves in 2019 and OTC: GNENF
saw a steep drop, but looking ahead, UBS gives a blunt MARKET CAP: $21.2 billion
assessment on lithium:
WHY BUY: China’s largest lithium
producer
“There is not sufficient supply to meet
this demand projection based on our knowledge Ganfeng is China’s largest producer of lithium
of known projects today. That includes all and the third largest producer worldwide. It
projects whether they are under construction, has long-term supply contracts with battery
in feasibility, or still in exploration.” producers like Tesla, Panasonic [OTC: PCRFY]
and LG Chem, giving it an impressive customer
— GLYN LACCOCK
GLOBAL HEAD OF MINING RESEARCH AT UBS base.

Another thing to like beyond the resource

The bottom line is that resources can tend to be angle: today, 75% of Ganfeng’s revenue comes
finicky, and we tend to avoid them at The Motley Fool. from lithium refining and processing, but it’s
However, with our thesis being that electric car sales also moving up the value chain by manufactur-
will reach an inflection point in the coming years, the ing batteries as well.
resource angle on self-driving cars is just too compelling
Read our full Ganfeng Lithium
to ignore.
recommendation

DISCLOSURES

Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Teresa Kersten, an
employee of LinkedIn, a Microsoft subsidiary, is a member of The Motley Fool’s board of directors.

The Motley Fool owns shares of Alphabet (A shares), Alphabet (C shares), Microsoft, Taiwan Semiconductor,
and Tesla. The Motley Fool has a disclosure policy.

THE 630× GROWTH MAP 13