Tue 13 Jan 2026 - 10:30 GMT

EVs are now 40% of sales in the Top 3 markets (China, Europe, USA) – which are 2/3rds of global volume

Chinese companies are pulling ahead, and building factories in Thailand, Brazil, Hungary, Turkey and possibly Spain to avoid tariffs

Robotaxis have now reached take-off point with both Waymo and Baidu having driven over 100 million miles autonomously

We believe Robotaxis could lead to a 2nd transport revolution, paralleling the move from horses to cars in 1900-1925 given their very strong value proposition