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According to BMW Blog, BMW will upgrade the facelifted BMW i3 shown at the Frankfurt Auto Show earlier this month, with a 120Ah battery in 2018, up from the current 94Ah. The upgrade will be the third since the launch of the popular electric vehicle which has sold close to 100,000 units internationally since 2014. Sales of the BMW i3 has, however, reach a plato from its high in 2015 as lower-priced EVs with longer ranges encroaches on the BMW i3. The upgrade, according to BMW Blog, will consist of a 42.5kWh battery, from Samsung SDI we assume. The BMW i3 facelift will also be available in a 3rd model variant in addition to the REx, the BMW i3s. The BMW i3s offers better driving dynamics.
Last week we recorded some significant updates to some of the worlds largest automakers EV strategies, a trend we see ever increasing as the reality of electric vehicles has dawned and most auto brands. This week we look at more such updates to EV roadmaps, particularly in China and Europe where regulation is becoming stricter in support of the technology.
GM CEO, Mary Bara, provided greater insight into the companies strategy to meet stringent Chinese Regulation during a press briefing in Shanghai. Mrs. Bara along with other CEOs from the industry in the past attempted to influence the Chinese Government to soften its hardline aimed at a drastic shift towards electrification. The GM CEO stated that the company will release ten new EVs by 2020 and that it will open a battery plant with its domestic partner, SAIC, this year. She maintained GM’s stance though that Government support is required to help the consumer shift towards EVs.
Head of purchasing, Markus Duesmann, at BMW told Automotive News in an interview that BMW will divert 2 million Euro from its parts bill to fund its electrification efforts. BMW has been grappling with the high cost of R&D required to shift to EVs and has announced lower returns because thereof earlier this year. Mr. Duesmann indicated that so much as 5% of the company’s spending on parts would be diverted to electrification, signaling possible pain for suppliers downstream.
Honda announced in a press release that the aims to reach a sales target for EVs of two-thirds by 2025 in Europe, five years sooner than for its global target. The Japanese carmaker aims to achieve this target through releasing a pure electric and plug-in electric vehicle with each new model release from 2019.
Mercedes Benz announced a $1 billion investment in its Tuscaloosa plant. The upgrade will include a battery plant, making its fifth spread over three continents, China, Europe and the USA. The plant will manufacture SUV models for the company’s EQ brand.
According to Automotive News Toyota confirmed its commitment to hybrid technologies, staying the course to keep electric vehicles as a sideline development.
With an eye on India’s ambitions to be rid of combustion vehicles by 2030, Ford and Mahindra entered into a strategic partnership for the development and sourcing of electric vehicles, e-mobility solutions, and self-driving technology. The partnership will be for three years with the option of extending it. Executives from the two companies were quoted in a company press release as follows:
“Our two companies have a long history of cooperation and mutual respect. The memorandum of understanding we have signed today with Mahindra will allow us to work together to take advantage of the changes coming in the auto industry. The enormous growth potential in the utility market and the growing importance of mobility and affordable battery electric vehicles are all aligned with our strategic priorities.”
Dr. Pawan Goenka, managing director, Mahindra and Mahindra Ltd elaborated: “The changes facing the automotive industry globally are triggered by the accelerated rise of new technologies, sustainability policies and new models of urban shared mobility. Given these changes we see the need to anticipate new market trends, explore alternatives and look for ways to collaborate even as we compete and build powerful synergies that will allow rapid exploitation of the exciting new opportunities. Today’s announcement builds on the foundation laid through our past partnership with Ford and will open opportunities for both of us.”
In the lead-up to the Tokyo Motor Show Mitsubishi, this week teased a rear image of its new flagship concept vehicle, the MITSUBISHI-e-EVOLUTION-CONCEPT. The Japanese automaker is pressed to follow on the success of the Mitsubishi Outlander PHEV which have sold over 125,000 globally since its release in 2013. Sales for the Outlander has been waning of late as competition and technology improved. The e-VOLUTION CONCEPT will blend Mitsubishi Motors’ signature 4WD and electric powertrain know-how with advanced Artificial Intelligence technology under a low-slung aerodynamic SUV Coupe shape.
Tesla shareholder and Chinese internet giant, Tencent, and GAC Auto has agreed to partner on internet connected cars according to Reuters. The partnership includes collaborating on self-driving cars, auto-related e-commerce including insurance and also expands to electric vehicles. The announcement of the partnership boosted GACs share price, gaining 5% on the announcement. Tencent’s share price also reached a record high on the news. Other strategic partnerships we have reported on earlier includes the Alibaba / SAIC agreement from 2016 and the BAIDU / JAC agreement earlier this month.
Recently the Chinese Government embarked on a program to clean up the electric vehicle sector which has been negatively impacted a confluence of companies rushing to produce electric vehicles lead to subsidy fraud and sub-standard products. At some point in 2016 over 200 companies had business plans to profit from the Chinese Government’s aggressive program to establish a dominant electric vehicle sector. A large number of the business operating in the sector had no previous experience in producing cars, among them were IT and Social Media companies such as Tencent (Future Mobility and Tesla), Baidu / BitAuto (NextEV) and LeEco (Faraday Future). The Chinese authorities became concerned that the unregulated development of the sector could lead to an oversupply of vehicles as the total planned capacity from the 200 companies reached over 50 million units annually, ultimately negatively impacting the sustainability of its program. At the end of 2016, the government closed or fined various manufacturers who were caught taking advantage of the subsidies to promote the adoption of electric vehicles. Further measures to regulate the industry included:
Other adjustments were made to entry applications in the auto sector by requiring joint ventures with foreign automakers, such as Denza, to be approved by the investment department of the State Council, local manufacturers need approval from the relative provincial government. The State Council indicated that in principal new capacity to combustion plants should be capped effectively halting development of new combustion plants.
At the time of publication, only fourteen companies have so far received production certificates for new energy vehicles, the last being Guangdong GreenWheel Electric Vehicle Co. Ltd which received approval to develop a 50,000 unit plant in Mingcheng Industrial Park. Greenwheel indicated that the plant would be developed at a cost of $267 million ( RMB 1.783b ). To successfully apply for a production certificate, the applicant needs to convince the authorities that it can research and develop key technologies such as powertrains. The other companies with development certificates are BAIC BJEV, Changjiang EV, Qiantu Motor, Chery New Energy, Jiangsu Minan, Wanxiang Group (Karma Automotive), JMC EV, Chongqing Jinkang, NEVS, Yudo Auto, Know Beans, SD EV, and Hozon Auto.
Up to now Chinese auto manufacturers provided very sketchy specifications on the electric range of their models, mostly indicating how far the vehicle can travel at a constant speed of 60km/h. To protect and assist the consumer the Chinese Automotive Technology and Research Center for the first time introduced an EV Test through the issue of the Chinese First Electric Vehicle Management and Evaluation Rules. The first classification process should be completed in the second half of 2017. The classification would be done by a five-star rating focusing on the following key performance areas:
The Chinese Government aggressive EV strategy targets the sale of 800,000 electric vehicles in 2017, increasing sales to two million units per annum by 2020. The top ten automakers, including FAW, Dongfeng Fengshen, Chana, SAIC, GAC Trumpchi, and Great Wall finalized production plans to produce over 4 million units by 2020 at a planned investment of $12 billion (RMB 80 billion ).
Interested in learning more about Chinese electric vehicles? Download our fun and easy app below, flick the China switch and swipe left the models you don’t like, right the ones you do, enter the chat rooms and share your thoughts with the community.
The Chinese Government released its long-term development plan for the automotive sector on the 25th of April 2017, setting out the China EV strategy. The plan, presented by the Ministries of Science and Technology and Ministry of Industry and Information Technology in conjunction with National Development and Reform Commission, sets out how the country will ramp up the local EV sector and dominate the world market.
If successful the Chinese auto sector can leapfrog the dominance of the big auto companies, such as Toyota, VW, BMW, Daimler, Ford, and GM. Big Auto has missed the boat on electric vehicles and therefore continue to downplay the technology as only a niche sector. Management boards of big auto companies are flip-flopping strategy as they try and come to grips with how to enter the market and to what extent they should invest in research in technology. BMW last week announced that EVs constituted 3% of its total sales for the first quarter of 2017 after a jump in EV sales of 50% (Top 5 EV News Week 18). With the release of the data, the company set out how it will introduce more models. The news from BMW is in stark contrast from news only six months earlier when the Board grappled with if it should pursue EVs at all (Top 5 EV News Week 49 2016). In the USA we have recently seen how newcomer Tesla is valued above Ford and GM by investors. The response by Big Auto and other detractors of EVs was that this is a temporary phenomenon, arguing that Tesla hardly produces one tenth of the vehicles any of the top brands does. If one look at total sales of Battery Electric Vehicles (BEVs), it seems investors on the other hand value companies on their future ability to produce electric vehicles. If the same apply for Chinese brands, we can very quickly expect a Chinese brand to ascend the list of top auto brands.
According to the plan by the Chinese Government, it set a short-term target of EV sales of 2 million units locally by 2020 and at the same time elevate Chinese auto brands to be seen amongst the top ten electric vehicle brands globally. The medium term target is that EVs contribute 20% of the total annual fleet by 2025, which is a huge amount of cars. Measuring the movement in sales by brand in the table below we can already see the top Chinese EV brands, BAIC, SAIC, Geely Zhidou and JMC moving higher and two brands, BAIC and BYD in the top ten list for the first quarter 2017. Other evidence of Chinese companies investing heavily in the sector includes Chinese IT company, Tencent acquiring a significant stake in Tesla, sparking a rally in the stock.
Measures by the Chinese Government to achieve the targets above include:
China already has experience of setting itself to dominate a sector and achieving set goals. Less than a decade ago the Chinese Government plotted to dominate the PV panel market and in the process brought down the price of energy production from renewables, killing some western PV manufacturers in coal plants in the process. Already we are seeing a deluge of battery cell plants being planned by the end of the decade in China. We can, therefore, expect the same domino effect as in the energy markets, taking out auto manufacturers that were slow to embrace electric vehicles.
Interested in learning more about Chinese electric vehicles? Download our fun and easy app below, flick the China switch and swipe left the models you don’t like, right the ones you do, enter the chat rooms and share your thoughts with the community.
#1 – Peak in oil due to EVs confirmed by Big Oil
Record breaking sales in the first quarter of 2017 reaffirm the trend set by the healthy sales growth experienced in the sector during 2016. All expectations are that 2017 would even be better and that the deluge of new models reaching dealership floors by the end of the decade will sustain the growth into the next decade, causing many stakeholders to adjust their forecasts upwards. We have covered most of these forecast adjustments, but the one sector that is forever dissing the sector, Big Oil, has as recent as Week 9 2017 maintained that the disruption caused by EV’s is overstated.
Finally, this week during the Bloomberg New Energy Finance Conference voices from the sector came out signaling that EV penetration will hurt oil demand. Total SA’s Chief Energy Economist, Joel Couse, projected that the impact of electric vehicles would cause the demand for oil to flatten or even decline by 2030. The CEO of Royal Dutch Shell shared the same sentiments recently as the company trimmed their forecasts, indicating that oil demand my peak by the late 2020’s. The reasoning behind the shift in outlook is sparked by electric vehicles being able to compete with combustion vehicles in both performance and price as battery prices decline.
Michael Liebreich, the founder of Bloomberg New Energy Finance, pointed out that there would be 120 models across the spectrum by 2020. He was quoted further saying what we already know – ”These are great cars. They will make the internal combustion equivalent look old fashioned.”
Picture Source: Bloomberg New Energy Finance
#2 – VW continue to see electric vehicles only as a niche going into the next decade
The recent surge in Tesla‘s share price, which is close to the first target of $320 called by wattEV2Buy on the 3rd of April, has put a spotlight on traditional vehicle manufacturer electric vehicle strategies. VWs CEO, Mr. Matthias Müller, this week reprimanded the media for getting too carried away with the “New Beats Old” storyline. Mr. Müller was quoted by The Financial Times at the Vienna Auto Show on Friday, responding to Tesla‘s surge – “This has little to do wth the reality on our streets. The VW Group produced 10.3m vehicles last year – Tesla around 80,000, and the fact is, electric mobility continues to be niche. VW only see’s that one out of four of its vehicles would be electric by 2025.
The world’s largest automaker will spend around €20bn by 2022 on cleaner engines, of which only 45%, or €9bn, would be on alternative drive tech, which at least is a trebling over the amount of only €3bn spent over the last five years. The €9bn budget is less than the €11bn earmarked by fellow German automaker, Mercedes, over the same period. Analysts have been concerned over certain automakers conservative electric vehicle strategies in the face of Tesla and China‘s dominance in the sector.
#3 – Bollore exits the electric vehicle sector
The French industrialist, Vincent Bollore, one of the pioneers of the current electric vehicle revolution announced that he would retreat from the sector. Bollore introduced some of the first car-sharing schemes at the start of the decade, using its own vehicle the Bollore Blue Car, It created a second car, the Bollore Blue Summer, but contracted it out to Citroen, which sells it’s as the Citroen Mehari. Mr. Bollore cited that he can’t compete with only one car in the market as more and more players crowd it. Bollore will focus on its strengths, being battery technology, and will apply it in its grid storage and mass transit vehicles. Those who follows the data for France in our Global EV Sales section would have noticed that hardly any Blue Cars were sold in the country this year. Bollore uses a Lithium Metal Polymer Battery, which is not suited for cars, as the chemistry consume electricity even when off.
#4 – India to go all electric by 2030
India is set to introduce policies and support the country’s electric vehicle industry for three years as it targets to have a 100% electric fleet by 2030, in a bid to save on fuel import cost. The announcement was made by the country’s Energy Minister, Mr. Piyush Goyal at the CII Annual Session in New Delhi.
#5 – Tesla shareholder to unveil its own electric vehicle
Tencent-backed Future Mobility is set to unveil its concept vehicle this year with the intent on starting production in 2019. Tencent recently acquired a significant stake in Tesla by purchasing 5% of the US companies stock in the open market, making one wonder how it will impact on the investment with which it aims to compete. The concept vehicle is said to be a midsized SUV priced around $45,000. Chinese internet companies such as Tencent and Baidu are increasingly becoming active in the vehicle market as the bounds between cars and vehicle are falling away. Baidu introduced it’s Appollo self-driving platform last week, opening it up to developers to join in its development.
Tencent acquires a significant stake in Tesla. The large Chinese Internet company, with holdings in various electric vehicle companies, have acquired a significant stake in Tesla. The acquisition was made by accumulating stock over time. Tesla (TSLA) shares traded higher by around 2.2% at $276.25 in after-hour trades, bringing it closer again to the $280 all-time high resistance level.
Tencent is owned by the world’s 46th richest person, Ma Huateng of China, also know as Pony Ma. Tencent, which applications include the popular WeChat app, similar to WhatsApp, aims to leverage its tech experience in a world where connectivity and the Internet of Vehicles will drive the auto industry. The development of electric vehicle technology provides a perfect platform for tech and vehicles to meet. To this end, Tencent created a company Future Mobility and targeted an autonomous vehicle by 2020. Tencent is also a shareholder in NextEV. NextEV’s NIO brand unveiled its autonomous vision a couple of weeks back at an event in Austin Texas.
Interestingly enough, the result is that a South African company, Naspers, is now an indirect shareholder in Tesla, a company founded by native South African, Elon Musk. Naspers currently holds around a 34% shareholding in Tencent; the company made its investment in Tencent when it was a little-known start-up in 2001. At the time Naspers invested $34m for 46.5% in Tencent.
Read our related post on how disruption is drawing the world’s richest to the auto sector.
NextEV gets support for its autonomous car the NIO EVE in the same week in which a funding crisis ankle taped another aspirational EV startup from China, Faraday Future, backed by a Chinese internet company, LeEco. Baidu Inc, the Chinese search engine this week led an investment round estimated at $600 million into NextEV. NextEV, a global startup as it calls itself, with offices in China, Germany, UK and the USA launched it’s auto brand NIO, in December 2016 in London. NextEV is also one of the first participants of the Formula E franchise held in various cities around the world to promote electric vehicles. NextEV has its roots in racing, founded in 2004 by the Chinese Minister of Sports with the intent to be a Chinese contender in A1 Grand Prix. The NextEV TCR team eventually ended up being one of the first teams to compete in Formula E, winning the driver’s title in the first season but came last in the second season. The exposure nonetheless is a good testing ground for technologies, gaining experience and marketing. NextEV’s Formula E team lies at a respectable fourth position in the overall team standings after the third round in the third season, held in Buenos Aires Argentina during February 2017.
NIO unveiled its autonomous vision, to be released in the USA in 2020, the NIO EVE, at a world premiere event during the SXSW 2017 in Austin Texas. The NIO EVE is a Level 4 Automated electric vehicle for the US market, anticipated for release in 2020. NextEV partnered with MobilEye, recently acquired by Intel, NVIDIA and NXP Semiconductors to develop its autonomous vehicle. Along with the release of the NIO EVE, U.S. CEO Padmasree Warrior showed a video of the NIO EP9 completing the first historical feat of racing around the America‘s Track in Austin Texas without a driver, reaching a top speed of 160mph. The vehicle also broke a lap record with a driver.
Baidu, looking for new growth areas, created a $3 billion investment fund, Baidu Capital, found the fast-growing electric vehicle market attractive at a time when the vehicle and the internet are moving closer to each other. NextEV raised $500 million in 2016 from investors such as Tencent, who is also invested in Future Mobility, Hillhouse Capital, who also invested in UBER, Sequoia Capital and Joy Capital.
Judging from the interest in NextEV‘s offering from investors consumers can certainly look forward to being wowed by NextEV while it pushes the boundaries, not being tied to the red tape associated with most Big Auto companies.
Read more on the Chinese internet billionaires investing in the fast-growing electric vehicle market at the following link.
The barriers to entry into auto manufacturing became ever higher over the last 100 years before the disruption caused by technological advances in electric vehicles and self-driving technology. Most of the auto brands that were around at the turn of the century have been around for 50 years or longer; the only newcomers was a spate of Chinese brands backed by the government. For an individual to reach the top 50 position on the Forbes list from vehicle manufacturing was only possible if your parents left you a trust fund with a bunch of 100-year-old stock in a big brand. In fact, the only Forbes Top 50 billionaire from the auto sector was the German’s, Herbert and Johanna Quandt who owned nearly 50% of BMW and Georg Schaeffler (Number 39 on Forbes 2016 list) who inherited the automotive parts company, Schaeffler Group. After their passing of Johanna Quandt, the children, Susanne Klatten (Number 38) and her brother Stefan Quandt (Number 48), became the beneficiaries. Mrs. Klatten invested her fortune in pharmaceuticals, helping her to gain over her brother.
Come to the turn of the century and along came Elon Musk, risking it all on a technology that has been shunned for 100 years by big auto. Being a start-up in a market controlled by a couple of dinosaurs was not easy at first, Mr. Musk had to back himself in the first couple of rounds of fundraising for the electric vehicle company, Tesla. The table below shows that Elon Musk pretty much up until late 2008 lead fundraising and loan rounds. The risk paid off as Elon Musk became by far the richest person in the US auto sector and at the time of going to press Elon Musk jumped to the 83rd position, up from 94 in the official 2016 Forbes list of the world’s richest people.
Other early billionaires in the technology include the savvy investor Warren Buffet and Vincent Bollore. Warren Buffet, the world’s 3rd richest individual through his Berkshire Hathaway, controlled company, Mid-American Energy Holdings in 2008 bought 10% in BYD, a Chinese battery company, now the world’s largest electric vehicle manufacturer. The Investment at the time was $230m. Berkshire Hathaway is also a significant minority shareholder in GM.
Vincent Bollore, France’s 10th-richest person with an estimated personal fortune of $6 billion dollars, started manufacturing batteries in his company Bollore Blue Solutions. The firm, situated in Brittany province, who’s batteries are cheaper than lithium-ion cells used in other electric cars, allows it to hold down the cost of his small vehicles.
Suddenly investing in electric vehicles became sexy. Chinese billionaires, mostly from the technology sector, were the first to climb into the auto sector, some more successful than others. The Chinese electric vehicle boom is fuelled by government incentives targeting that 8% of all new vehicles should be EV’s by 2018.
The tech billionaire and founder of BitAuto, an online vehicle sales platform, William Li started the Shanghai-based NextEV. The company raised $500M of an expected $1Bln already, sporting shareholders such as Tencent, who is also invested in Future Mobility, Hillhouse Capital, who also invested in UBER, Sequoia Capital and Joy Capital. The company invested C¥3Bln in Nanjing High-Performance Motor Plant to produce 280,000 electric vehicles per year. NextEv also signed a partnership with one of the largest Chinese auto companies, JAC Auto which will see them share technology, manufacturing, supply chain, marketing, and capital.
Tencent mentioned above is owned by the world’s 46th richest person, Ma Huateng of China, also know as Pony Ma. Tencent, which applications include the popular WeChat app, aims to leverage its tech experience in a world where connectivity and the Internet of Vehicles will drive the auto industry. The development of electric vehicle technology provides a perfect platform for tech and vehicles to meet. To this end, Tencent created a company Future Mobility and targeted an autonomous vehicle by 2020.
The Chinese billionaire, Jia Yueting, founder of LeEco which owns LeTV, the Netflix of China invested in two electric vehicle companies, LeEco, which developed the acclaimed LeSee concept vehicle and Faraday Future, developer of the disastrous FF91, unveiled at the 2017 CES. Both businesses are known for making bold statements and big ticket announcements just to be followed by press reports of cash flow and funding problems.
The Chinese internet giant, Alibaba, owned and founded by Jack Ma who is 33rd on the 2016 Forbes list, invested $160M in a fund where it partnered with SAIC, one of the largest Auto manufacturers in the China to develop internet connected cars. The first car to come from the partnership is the Roewe OS RX5, where OS stand for Operating System and using SAIC’s luxury brand Roewe as a platform. The software runs on Alibaba’s YunOS operating system. Jack Ma unveiled the car in July 2016. The Alibaba Connected Car will have its own Internet ID, not needing WiFi or GPS services, enabling it to connect and identify drivers through their smartphones and wearables. The RX5 has four cameras providing it 360° vision and is voice controlled. The vehicle’s starting price is around $15,000 or C¥100,000.
Alibaba beat other carmakers and tech companies to the finish line with the 2016 release of the RX5. In 2015 Toyota invested $1 billion in artificial intelligence research, while Apple invested $1 billion in Chinese ride-hailing app, Didi Chixing. BMW went into partnership with technology firms Mobileye and Intel, providing the automaker with operating systems and driving assistance software while Kia and Google partnered around the search engine’s Android Auto operating system.
Robin Li, number 90 on Forbes List and owner of Chinese search engine Baidu, partnered with chipmaker Nvidia in September 2016 to develop a computing platform for self-driving cars. Baidu recently received approval from the Californian Department of Motor Vehicles to test autonomous vehicles, in Google‘s back yard. Baidu also partnered with BMW on creating an autonomous car.
Now that the floodgates are open, billionaires from around the world are looking to enter the electric vehicle and self-driving sectors. The world’s fourth richest man, Carlos Slim of Mexico, announced this early this year that he would back the development of a Mexican-produced electric vehicle through his company, Giant Motors in a joint venture with Grupo Bimbo, the world’s largest bread maker. The strategy plays off in an environment where many US based automakers are contemplating bringing production back to the USA amidst President Trumps America First policy environment. Mr. Slim said the electric vehicle would be designed specifically for Mexican conditions.
Bloomberg reported that the JSW Group’s owner and Chairman and India’s 19th richest man, Sajjan Jindal, announced in Davos, Switzerland his intention to enter the Indian Electric Vehicle market by 2020. The metals tycoon expects the Indian government, like many other governments, will promote EVs once it’s more affordable.
It is clear that some of these businessmen are purely opportunistic, targeting to profit from regulation and subsidies for the promotion of electric vehicles.The majority, however, leverages their passions to bring better and more advanced options to the consumer at a much faster pace than what big auto ever moved in the last 50 years.
Although not mutually inclusive to electric vehicles, self-driving cars, deployable on combustion vehicles also, will drive the second phase of disruption in the auto sector over the next ten years. Self-driving car’s poster child is Google, owned by the 12th and 13th richest individuals in the world, Larry Page, and Sergey Brin. The company started testing it’s quirky autonomous vehicle as far back as 2009. Google recently spun the project into a standalone brand, named Waymo, meaning “a new way forward.” The company aims to partner with vehicle manufacturers instead of developing its own car. The first of such efforts was the conversion of 100 Chrysler Pacifica’s Plug-in Hybrid vehicles. Google, in many’s eyes, has lost the lead to Tesla, who’s progression was much faster and already has active Level 2 autonomy available in its production vehicles.
It will be interesting to compare the Forbes list of wealthy individuals ten years from now to one at the start of the century; we expect much more fresh faces who made their money from disrupting the auto sector. As a footnote, the lesson learned time and time again by dinosaurs in an industry are that they become too big, arrogant and slow, creating opportunities for new hungry entrants.
Picture: Source www.technewstoday.com