We believe that more than 100 years after the invention of the internal combustion engine, incumbent automobile manufacturers
are at a crossroads and face significant industry-wide challenges. The reliance on the gasoline-powered internal combustion
engine as the principal automobile powertrain technology has raised environmental concerns, created dependence among
industrialized and developing nations on oil largely imported from foreign nations and exposed consumers to volatile fuel
prices. In addition, we believe the legacy investments made by incumbent automobile manufacturers in manufacturing and
technology related to the internal combustion engine have to date inhibited rapid innovation in alternative fuel powertrain
technologies. We believe these challenges offer an historic opportunity for companies with innovative electric powertrain
technologies and that are unencumbered with legacy investments in the internal combustion engine to lead the next
technological era of the automotive industry