china’s next revolution: leading the transition to...

China’s Next Revolution: Leading the Transition to Electric Cars

Booz & Company Synergistics Limited

July 2010

Presented at the World Ecological Forum

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Global Trends - Best Timing for New Energy

Driving the Revolution: China Becomes the Largest Car Market

New Energy Vehicles and Applications in China

An New Ecosystem and Strategic Implications

3 3

When the automobile was introduced in late 1800’s, it was not readily apparent which engine technology would prevail

Steam Car (Nicolas Joseph Cugnot 1769)

Steam vs. Electric vs. Internal Combustion

Electric Car (Robert Anderson, 1839)

Gasoline-Powered Car (Carl Benz, 1886)

At the end of 19th century, electrics outsold all other types of cars

4

ICE was victorious primarily due to its virtues of speed, power, and range – courtesy of petroleum’s exceptionally high energy density

Energy Density Of Petroleum Vs. Other Fuels

Energy Available (Mega Joules per Liter) Criteria Electric Steam ICE

Clean, free of smoke/odor X X

Quiet X

Reliable, durable X

Simple, easy to maintain X X

Easy to drive and control X

Free of vibration X

Instant starting X

Speed X

Acceleration

Power X

Range, distance X X

Infrastructure X X

��

�

�

�

�

��

� �

Competitive Advantages of ICE Powertrain

5 x

�

�

�

� � �

Note: ICE = Internal Combustion Engine Source: ANL, DOE, Sion, NRC, Booz & Company analysis

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Key drivers for new era of alternative energy technology

  Unsustainable petroleum-based consumption�

1

New Era of Alternative Energy

Technology

Source: Booz & Company analysis

  Alternative energy technology reaching threshold

3   Increasing environmental pressure �

2

Booz & Company June 25, 10

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Global daily oil consumption is still increasing steadily, of which transportation takes a large part

1 Unsustainable petroleum-based consumption

Global Daily Oil Consumption(1)�

2001– 2020E�Global Daily Oil Consumption Breakdown

By Application, 2007

Million barrels / day

2020E 2010E 2007 2004 2001

Note: (1) Estimation is made based on the assumption that CAGR will be the same to that between 2001-2007 Source: BP reports, Booz & Company analysis

55% Transportation

Residential

35%

3%

Industrial

Commercial

Total Consumption = 85 Million Barrels/Day

7 7

Our climate is going unsustainable with a gradual global warming trend

2 Increasing environmental pressure

Source: World Bank; Booz & Company analysis

Global Warming Trend – Temperature Change 1990-2008

Living Environment Is Worsening

  Global warming is a continuous trend

–  Average temperature will increase by between 1.4 and 5.8 degrees Celsius by 2100

  Rising temperature is likely to cause catastrophic results

–  Melting ice caps in North and South Poles

–  Sea level has risen 4 to 8 inches

–  More frequent natural disasters, i.e. floods, droughts, etc.

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Cost is still the major barrier in EV, but recent progress has pushed the technology to the minimum threshold of consumer acceptance

3

Cost Curve of EV Battery

1,000 RMB per KwH Key Assumptions

  Toyota Prius is one of the most popular hybrid models in the world and use Ni-Li battery that generates energy at a rate of 12 KwH

  We assume that the cost curve of the battery used by Toyota Pirus is identical with that of general Li-ion battery

  For the cost at experimental stage, we assumed that the cost in year 1995 before the commercialized production is representative

Source: Prius Report; BYD interview notes; China Investment industry report; Gasgoo Auto; Booz & Company analysis

Minimum Line of Acceptance by

Consumers

0.01 0.1 1

1

10

100

0.001

(now)

(2012)

Experimental Stage (excluding scale effect)

10

Experimental Stage Toyota Pirus BYD

Alternative energy technology reaching threshold

0.1

Cumulative production (Million Units)

9 9





China's_Electric_Car_Development_100618 v2.ppt June 25, 10 Booz & Company 10

China’s auto market has been experiencing explosive growth

Total China Vehicle Sales 2005 - 2009, in Million Units

+23%

Mar Feb Jan

2010Q1

4.62

1.74 1.21

2009 2008 2007 2006 2005

1) Data does not include heavy truck Source: Global insight, CAAM auto market press release, Literature research, Booz & Company analysis

Number of Vehicles2) on Road 1980-2020, in Million Units

Vehicle sales in the 1st quarter of 2010 in China rose 71.8% from the same period last year to 4.62 million

1980 2009 1990 2020 2000 2015

Forecast

China's_Electric_Car_Development_100618 v2.ppt June 25, 10 Booz & Company 11

China’s Urban Population 1980-2020 Mil.

People

Urban

Rural

2020E

58%

2015E

52%

2009

47%

2000

36%

1990

26%

1980

19%

Urbanization has been a major driver of income growth and demand for personal mobility in China

Forecast

Source: National Bureau of Statistics, UN, Booz & Company

  At start of reform era, more than 80% of China’s population was in rural areas

  Majority of China’s population will reside in urban areas by 2015

  Creation of urban middle class fuels demand for personal mobility

Global Urban Population 2000-2050

70.0% Urban

49.5% 50.7% 46.7%

Rural

2007 2000

Mil. People

2050E 2008

Forecast

  More than half of the global population live in urban area since 2008

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China has a clear and compelling need to reinvent the propulsion technology of the automobile

  Air Pollution –  Bejing, Xi’an, Shenyang, Shanghai and Guangzhou have been listed among the

Top 10 cities with the worst air pollution. The massive growth of the automotive market only adds to the problem

–  The rapid growth of the automotive market worsens the problem. For example, Beijing’s automobile industry contributed 73% of the overall pollution problem in 2003

  Energy Consumption –  China imports two-thirds of its oil, and its ever-increasing thirst has had a dramatic

impact on global energy prices –  The gasoline and diesel consumption has accounted for half of the total

consumption of petroleum products

  Traffic Congestion –  In the light of the current rate of development and gas consumption level, China

will have over 150 million vehicles and petroleum consumption will exceed 250 million tons in 2020

For alternative propulsion technologies such as clean diesel, hybrid and electric vehicles, China does not lead the technological development

Source: Synergistics, Booz & Company analysis

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Comparing to mature markets, China appears ready to address the challenges in introducing electric vehicles

Technology

Consumer Acceptance

Infrastructure & Legacy

Key Forces in China

  Ample resources to achieve low cost production   More battery manufacturing experience with larger scale, i.e. lithium

battery for cell phone

  Relatively short driving history makes it easier to cross over to new products

  Less stringent requirement on performance due to short commuting distance and traffic density

  China faces much greater environmental pressure, there is huge need to switch into cleaner energy

  The Chinese government has been a strong driving force behind the development of industry technology and infrastructure

  Local VMs are looking to leverage EV to get ahead in the automotive market, thus resistance from market incumbents is low

Readiness for EV

Mature Market China 1

2

3


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Booz & Company 15

Passenger Vehicles Sales Projection by Powertrain Technology 2000 - 2050, Unit Mn

Globally powertrain technologies of vehicle are moving towards alternative energies

Source: International Energy Agency; Booz & Company analysis

ILLUSTRATIVE

  In next decades, powertrain is available and accepted by alternative energies

  Among them, electricity driven powertrain is the most significant trend

  By 2050, EV and Hybrid EV will account for almost 50% of the total market

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Environmental vehicles must offer customer benefits or they will fail, GM’s EV1 provides us with a good example

Forcing Revolutionary Technology into the Market Can be Counterproductive…

GM EV1

  600 kg vehicle with 400 kg lead acid batteries = 1000 kg

  102 kW Motor - 90 miles range (in California) - 40 miles in the NE states in the winter

  Cost GM $350 m to develop

  Lease cost = $399/month

  About 1000 made in total

“These environmentally friendly vehicles are great… I hope my neighbor buys one!” Source: RICARDO, Booz & Company analysis

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The Chinese government has been a strong driving force, starting 10 years ago, CNG And LPG vehicles were promoted…

  Milestone in Phase 1: Clean Auto Action (1999-2002)

  Investment: 100 Million RMB

Background

 The government then did not put forward specialized requirement for new energy vehicles

  New energy vehicles did not serve for national strategy

Main Tasks

In 1999, Beijing, Xi’an, Shenyang, Shanghai and Guangzhou were listed in the World Top 10 Cities with Worst Air Condition

Improving the air pollution in big cities by:   Improving the emission of fossil fuel vehicles to meet

Euro II Standard   CNG and LPG vehicles’ R&D and demonstration   Other CAFV’s R&D

Source: MOST; Booz & Company analysis

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… since 2002, A 3×3 R&D mechanism was initiated to develop EVs through the 863 program…

  Milestone in phase 2: Electric Vehicle Key Project in 863 Program during 10th five-year Plan (2002-2006)

  Government Investment: 880 Million RMB

3×3 R&D Mechanism Achievements

  26 national standards established   796 patents applied

Vehicle Development

Demonstration

Others

  BEV and HEV started demonstration in 7 cities

  Prototypes of BEV, HEV and FCV developed

  BEV and HEV are qualified to be produced

Powertrain Control System

FCEV

Electric Drive Motor

Traction Battery

Whole Vehicle Platform

Key

Tech

HEV BEV

Source: MOST; Synergistics Limited analysis

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… since 2006, all types of new energy vehicles are listed on the new round of 863 program and a new R&D mode is framed…

  Milestone in phase 3: Energy Saving and New Energy Vehicle Key Project in 863 Program during 11th five-year Plan (2006-2010)

  Government Investment: 1.1 Billion RMB (for 2006-2008)

New R&D Mode of 863 Project in 11th Five-Year-Plan

Electric Drive System

Vehicle Platform

Product Development All types of vehicle products

FCEV HEV BEV

Fuel cell engine, traction battery, ultracapacitor...

Drive motor, motor driving system, engine...

New material, new component, infrastructure...

Key Technology

for CAFV Basic Technology

Public Support Platform

Test, standard, policy, demonstration, financing, intellectual property, technology Information

Battery Technology

CAFV

Source: MOST; Synergistics Limited analysis

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…Since 2009, a number of policies demonstrate China’s dedication in the development of “New Energy Vehicles (NEVs) ”

Source: Synergistics, Synergistics Limited analysis, China Association of Automobile Manufactures, Literature Search

2009 Apr.

Recent Policies and Strategies on NEV Development

2010 May Jun

  Prof. Wan Gang announced an ambitious plan in cooperation with the Ministry of Finance & the NDRC –  Promote the use of NEVs initially

targeting 13 pilot cities, expanding to 20 pilot cities in 2010

–  Support the development of energy-saving technology for use in government fleets, including buses, postal, and sanitation vehicles.

–  Deploy 60,000 energy saving vehicles in China by 2012

  New Energy Automobile Manufacturer Alliance (formed by top 10 Chinese auto makers, coordinated by China Association of Automobile Manufacturers) announced its plan –  Number of pure electric

vehicles to reach 500,000 by 2015

–  Electric technology to be widely used in conventional cars

–  hybrid vehicles to account for 30% of annual production

–  whole vehicle and key component production for new energy automobiles to reach a world advanced level

–  New car average fuel consumption to drop by 30%, reaching international levels

  Ministry of Industry & Information Technology, Ministry of Science & Technology, Ministry of Finance, and NDRC jointly released a pilot program to subsidize the sale of plug-in hybrids and electric vehicles in five cities –  Purchasers of plug-in

hybrids will receive up to RMB 50,000 ($7,321)

–  Purchasers of pure electric vehicles will receive up to RMB 60,000 ($8,785)

–  Five cities are Shanghai, Changchun, Shenzhen, Hangzhou and Hefei, which are corporate homes of six domestic automakers

Jul.~

  An ambitious plan will be submitted to the State Council in Jul. and is expected to be released in late 2010 or 2011

  If approved, it will be the biggest ever development plan for energy saving and new energy automobiles

Expected

Booz & Company

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In line with government mandate, almost all of China’s top ten local OEMs are developing NEV solutions…

OEM OEM Sales Volume in 2009

Sales Volume in 2009

2,720,000

1,940,000

1,897,700

1,869,800

1,243,000

606,000

500,300

448,400

348,300

329,100

Activities about hybrid Activities about hybrid

750 hybrid

Production in 2010

Besturn hybrid

Production in 2009

Production in 2010

S30-BSG

Jiexun hev

Production in 2009

Prototype

AHEV

A5 BSG

Production in 2009

F6

Zunchi hybrid

Production in 2010

Kingkong

1

2

3

4

5

6

7

8

9

10

Production in 2010

B90

Prototype Production in

2010

Booz & Company 22 Booz & Company DATE 22

…and Local OEMs are also building capacities for NEV production

Manufacturing Capacity of Local OEMs NEV Project

Source: Literature search, Booz & Company analysis

SAIC BAIC

BYD

GAC

BAIC BYD

Wanxiang

FAW

  Besturn B70   Capacity - 11,000 Great Wall

  GWPERI   HAVAL   Kulia

BYD

  F3DM, F6DM, F3e, E6   Capacity - 200,000 (Xi’an);

600,000 (Shenzhen)

SAIC

  LaCrosse Hybrid   Roewe 750 Hybrid with

capacity of 10,000

Chery

  A5, BSG, ISG, S11, S18

DongFeng

  Fengsheng BSG; Fengxing MPV   Capacity - 8,500 (2010); 20,000

(2014)

Chang’An

  Jie Xun Hybrid   Capacity - 300,000 (2010); -

600,000 (2014)

QingYuan

  B6; A0   Capacity - 20,000

Booz & Company 23

China also offers favorable manufacturing environment with ample resources and established general battery manufacturers

Top-ranking Li-ion Battery OEMs in China

  Shenzhen BYD Co., Ltd.   Tianjin Lishen Battery Co., Ltd.   CITIC Guo’an MGL   Harbin Guangyu Power Supply Group

Co., Ltd.   Henan Huanyu Power Supply Co., Ltd.   Huizhou Desai Energy Technology Co.,

Ltd.   Shenzhen Huitong Tianxia Technology

Co., Ltd.   Shenzhen Beeke Battery Co., Ltd.   Henan Haipusai Energy Technology

Co., Ltd.

Other Countries

Argentina

China 21%

Chile 54%

Total Global Production in 2007 = 79.4 K Tons

2007 Distribution of Global Lithium Carbonate Production Capacity

83%

China

17%

Other Countries

Total Global Production in 2008 = 9.3 Bn Units

China is the Largest Lithium Battery Production Base Globally

Source: China galaxy securities, Booz & Company analysis

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BYD has introduced the first mass produced plug-in EV to use a home outlet, yet market acceptance remains challenging

  Convertible between EV and HEV modes   Market launch in Dec. 2008 (Fleet orders only)   Retail sales to begin in 9/2009   MSRP: RMB 149.8K   Combined total power output: 125kW   Acceleration 0-100km/h: 9 sec.   Charging time: 7 hours with normal household power outlet   Max. distance for one charge: 100 km   Sales available in 14 1st-tier and 2nd-tier cities in China


F3DM E6   Pure EV   Field testing in Shenzhen, 40 taxis   US Market launch in late 2010 (expected)   MSRP: 40,000 $ (estimated)   Four different power combinations: 75kW (101hp),

160+40kW (215+54hp)   Acceleration 0-100km/h: 10 sec.   Normal charge: 220V/10A household electric power socket   3C fast charge: 80% capacity in 15 minutes   Max. distance for one charge: 300 km

Booz & Company 25

Global EV Market Growth (2008 Vs. 2020F, in thousand units )

By 2020, it’s expected 25% of new cars could be EV around the world, and China EV market could reach ~6 million

Chinese EV Market Growth (2008 Vs. 2020F, in thousand units)

21,000

20,000

2020F

1,000

2008

Hybrid EV

Pure EV

0.9%

24.7%

300

2020F

5,900

2008

Hybrid EV

Pure EV

0.2%

28.1%

Source: 1) Total sales number: Commercial Times; Average electric vehicle price: Toyota Prius price (due to the majority sales are Prius), 2)China Statistics Bureau, 3) International Energy Agency, 4) CICC, 5) Literature research

% = Global EV/ Vehicle

% = Chinese EV/ Global EV

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Innovations in both technology and business models will be needed to succeed in the EV industry

Cost

Performance

Infrastructure

Winning Consumers

Technology Innovation

To provide a solution that balances performance (power, range, etc) and cost

Business Model Innovation

To meet the needs of consumers while benefiting all stakeholders in the industry value chain

Consumers’ Greatest Concerns about EV over ICE

Combined Innovation Solutions

+

  The logic flow –  To win over consumers, EV manufacturers will need to address their greatest concerns, of

which only a combined technology and business model innovation solutions can solve   The action flow

–  From the EV manufacturers’ viewpoint, they have to start from setting up appropriate technology and business innovation models and work backwards to win over consumers


The Action Flow The Logic Flow

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The value chain of the EV industry – a new ecosystem

R&D

Key Stakeholders of the EV Industry

Sourcing Assembly Distribution Retail After-Market Services

R&D

Consumer

Government

VM

Utility

Battery OEM

Auto Part OEM

Distributor Dealership


Battery Leasing & Recharging

  Government may have more active engagement over the value chain –  Enact relevant industry policies –  May take the initiative to invest in the construction of EV infrastructure, i.e. charge stations

Product Flow Cooperation or Contract

1 2

29

  Consumer acceptance of new energy vehicles is major challenge –  While the infrastructure investments already described will help tip the scales in favor of new energy vehicles,

consumers must also be convinced that the price and performance of the new energy vehicle can in fact meet their expectations

–  As a national priority, we can expect the China government to help by offering incentives for the retail consumer to purchase new energy vehicles

–  Chinese consumers have less experience with gasoline-powered cars, and are already accustomed to short distance, low-speed commuting – conditions very favorable for electric cars

  The China government’s willingness to invest in the infrastructure to support alternative propulsion technology will ultimately help drive demand side market acceptance –  This is where China has the opportunity to take the lead, and that will drive supply side investment in new

technology –  For the development of NEVs, the infrastructure must come first - and this will drive supply-side innovation

It takes a combination of business and government working together to make this revolutionary change possible and nowhere in the world is there a closer link between business and government than in China

Conclusions: Driving Market Acceptance

Thank You!

Booz & Company 31 Booz & Company 6/25/10 31

Driven by environmental and energy pressure, China government has shown strong commitment to capture EV opportunity

(1) Demonstration Catalogue comprise 110 vehicle models, including 27 passenger car models; EV in the catalogue are in line with certain technology requirements, that they can enjoy government subsidiaries Source: China Association of Automobile Manufacturers, Literature Research, Booz & Company analysis

Government’s Support

  In 2010, latest detailed subsidy plan for EV in the Demonstration Catalogue (1): up to 60,000 RMB per car ( central government)/ up to 80,000 RMB per car (Shenzhen government)

  In March 2009, Revitalization Policy of Auto Industry   To establish 500,000 production capability of BEV,

HEV and FCV   To make the EV sales accounts for 5% of the total

PV sales   Government also promoted the construction for

Infrastructure for EV in China.   Shenzhen: 6 stations has come into use,13 is under

construction.10,000 charging pillars and 200 stations are planed to be established by 2012

  Beijing plan to finish the first charging station by June 2010

  Other cities are also planning to or currently building charging station. e.g. Tangshan, Wuxi, Yangzhou, Wuhu, Chengdu, Urumqi, etc.

Air Pollution

Energy Consumption

  Bejing, Xi’an, Shenyang, Shanghai and Guangzhou have been listed among the Top 10 cities with the worst air pollution

  The rapid growth of the automotive market worsens the problem

  China imports two-thirds of its oil, and its ever-increasing thirst had a dramatic impact on global energy prices.

  The gasoline and diesel consumption has accounted for half of the total consumption of petroleum products

Driving Forces for China Government to Promote EV

Government’s Intention to Promote Automobile Industry

  Local Chinese manufacturers are lagging behind global leaders under ICE technology for many years

  EV technology migration provides China a great opportunity to leapfrog from ICE-based vehicles to EV

Booz & Company 32 32

Chinese government is very supportive for EV and already set targets for its development �

  In April 2009, Prof. Wan Gang, the minister of the Ministry of Science and Technology China, announced an ambitious plan in cooperation with the Ministry of Finance & the National Development and Reform Commission –  to promote the use of NEVs initially targeting 13 pilot cities, including Beijing, Shanghai, Chongqing, Changchun,

Dalian, Hangzhou, Jinan, Wuhan, Shenzhen, Hefei, Changsha, Kunming, and Nanchang –  to support the development of energy-saving technology for use in government fleets, including buses, postal, and

sanitation vehicles –  to deploy 60,000 energy saving vehicles in China by 2012

  In March 2009, Revitalization Policy of Auto Industry –  to establish 500,000 production capability of BEV, HEV and FCV –  to make the EV sales accounts for 5% of the total PV sales

  Key Objectives of Ministry of Science & Technology –  to promote industrial development and expansion of 863 project and HEV & EV development plan –  to technically support the development of NEV, R&D for NEV, and their promotion and industrialization

  Tenth Five Year Plan introduced goal to commercialize and industrialize EVs –  3 Vertical Plans: force assembly, driving electric motor and dynamic battery; 3 Horizontal Plans: FCEV, HEV and EV

(1) “Revitalization plan of auto industry” released by the State Council: aim to make EV accounts for 5% of total PV sales and 500,000 production capability Source: China Association of Automobile Manufacturers, Literature Research, Booz & Company analysis

Booz & Company 33

Source: 2008 statistic; literature research; China automotive industry yearbook, Booz & Company analysis

2008 Per Capita PV Ownership Units

China Japan US Germany

Observation

  Passenger ownership per capita in China suggest a very low penetration of vehicle in China

  Consumer habit in China is still in the forming process due to relatively short driving history

  Thus consumer acceptance to EV is comparatively high than mature markets (e.g. US with approx. 20-year driving history)

  Meanwhile, the switch cost is expected to be low

Additionally, due to relatively short driving history, Chinese consumers are more likely to accept EV with a lower switch cost

Booz & Company 34

However, EV products still needs to improve price competitiveness and performance to win mass market consumers

Consumer Position

  Currently hybrid car price is too high for mass market acceptance

  Current low gas price makes little difference between petrol engine and new fuels

  Inconvenience of battery charging is also a constraint for electric cars operation

  Families on a tight budget is less likely to pay extra for environmentally sustainable green products

  Consumers must be convinced that the price and performance of the new energy vehicle can in fact meet their expectations

  Higher tax incentive and price reduction are essential to generate real demand

Booz & Company 35

Foreign OEMs take part in China’s HEV market competition

Product Introducing Jointly R&D

2006 2007 2005 2008

Camry Hybrid

GS450h

Civic hybrid

LS600h RX400h

Prius

Touran (Hybrid)

Lacrosse (Hybrid)

Japanese Companies introduce their products actively

Joint ventures take a cautious attitude in hybrid R&D, partly because of the IP concerns


Booz & Company 36

China Market Is a Significant Opportunity

Mass Production Environment

  China possesses ample resources to achieve low cost production

  Established battery manufacturers with large-scale capacity, especially supply lithium battery to cell phone/laptop industry

  Driven by greater environmental pressure and energy consumption, China government has stronger incentive to promote cleaner technologies in automobile industry

  Meanwhile, China’s automobile industry has lagged behind foreign leaders under internal combustion engine era, and the emergence of EV provide great opportunity for China to catch up

  Passenger ownership per capita in China suggest a very low penetration of vehicle in China

  Consumer habit in China is still in the forming process due to relatively short driving history

  Thus consumer acceptance to EV is comparatively high than mature markets (e.g. US with approx. 20-year driving history)

  Meanwhile, the switch cost is expected to be low

Key Forces in China

Comparing with mature markets, China stands out as a significant opportunity and seems more ready to introduce EV

Government Support

Consumer Acceptance


37

In order for the technology innovation to achieve performance and cost balance, the co-op model will be a good way to go

VM

Utility

Battery OEM

Why Adopt Co-op Model

  Shortfalls in going alone

–  Potential compatibility issues may greatly impair vehicle performance

–  Lack of standardization will have a negative impact on achieving critical mass, thus makes it difficult to drive down costs

  Advantages from working together

–  Joint R&D opportunities to leverage the “Know-How” of each party to improve vehicle performance

–  Able to reach critical mass and drive down cost Working together to improve performance

while gaining scale to drive down costs

The Co-Op Model


38

BYD made the price step from ICE to EV transparent with the similarly-named F3 and F3DM

Note: (1) The price for BYD F3 is based on F3 G-I model Source: Literature research, Booz & Company analysis

BYD - F3

BYD F3 Specification

  Engine: L4/16 Valve, Water cooling, SOHC   Displacement: 1.5L   Max. Power: 78/6000 (Kw/rpm)   Max. Torque: 134/4500 (N*m/rpm)   Compression ratio: 10   Max. Speed: 180Km/h   Transmission: 5MT   Tank Capacity: 50L   Min. Fuel Consumption: 4.7L/100km

There is a huge Price Difference between F3DM and F31)

*

*

*

1,000 RMB

2 Case Study: BYD’s success with the co-op model

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