Automobility’s Bill Russo Talks About China, EVs, Tesla, BYD And What Multinationals Don’t Get

Visitors wait in line to enter the Tesla booth at the Auto Shanghai 2021 show in Shanghai, China, on Tuesday, April 27, 2021. Photographer: Qilai Shen/BloombergThe Covid-19 pandemic has made it difficult for many businesses executives to travel to China, limiting information flows in an economy that’s ridden out much of the global economic storm in the past one and a half years.

If you want to have an even chance of competing, you have to tip the scale – or just put your hand on it – in a way that evens out the competition. China decided early that this was by shifting new energy vehicles. If you have that much influence on the way in which industries get funded and consumers are steered toward a preference, then you can conjure up results, which is what has happened.

In the background, there was this other company called BYD. BYD was really taking the lead early on, without any Internet money in their veins. They were a supply chain aggregator of batteries for electronics. BYD was a battery company long before it was a car company – a private company. It likely didn’t jump in because of subsidies, but there was enough subsidy there for them to want to take an early seat at the table of the electrification movement.

Wang is from the entrepreneurial class and saw the opportunity on the electric vehicle frontier before others did, but he’s not from the Internet-backed ecosystem. He went the way that most traditional companies would go: he convinced the market that you have an idea before others do, and then you convince enough customers. And those early EV customers didn’t represent the EV buyers we are seeing today: what I would call “the young demographic of the secular shift toward electrification.

Now, enter Tesla, in 2019-2020 with the launch of the Model 3 and the launch of the Internet-backed companies. BYD, quietly in the background and not getting a lot of notoriety, has started to sell significant numbers of EVs to retail A driver stands next to a BYD electric taxi while it is charged at the company's charging station in Shenzhen. Photographer: Qilai Shen/Bloombergcompanies right now is that if something new comes along, they ask: “How will I redefine my core business?” A lot of companies are struggling with that.

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