EFTA Document EFTA01386007

and unprecedented speed of hardware/software iteration that comes as a benefit of vertical integration. It will ramp much faster than expected, in order to capitalize on their first mover advantage. GM agreed with our suggestion that large scale commercial operations would start relatively soon (we expect this in 2020). GM's operations will first target the most lucrative markets (densely populated cities). which are also arguably the most challenging for AVs. And this will be done in a high