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Tesla's Position in the Chinese Market

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Tesla's Position in the Chinese Market Tesla’s Position in the Chinese Market Source:https://www.energyservicesexperts.com/2018/12/07/tesla-set-to-start-production-at-chin ​ a-gigafactory-in-h2-2019/ Examination Group: S1926004339 Group Members: Peter Skjoldager Delfing Nielsen (57896) Tobias Thuesen Pedersen (60535) Supervisor: Ole Bruun Character Count: 97.365 Tesla’s Position in the Chinese Market Abstract This project evaluates Tesla’s chances in the Chinese market in order to give a better understanding of foreign firms chances in general. It looks at how barriers to entry in the Chinese EV market is very high, as the Chinese government funnels money into domestic firms and award them contracts. However, Tesla have a significant advantage through proprietary technology. In addition, Tesla have low dependency on its suppliers as they work as original equipment manufacturer. This lower the supplier's bargaining power and ability to squeeze profit out. Beyond the suppliers and the barriers of entry, there is an emphasis on the substitute products and the rivals that present themselves on the Chinese market for Tesla. Here it looks onward, to assess the competitiveness between these firms and goes to show the strength of Tesla and their possible strengthening of their position. The bargaining power of the buyers on the contrary, goes to show Tesla having some effects on the buyers on the Chinese market, as they may choose them due to the high quality of their products, however the buyers present themselves as a strong unit with multiple options to cause Tesla to reconsider their position in the end. At the end a discussion regarding shortcoming of the analysis and other concerns addresses the trade war, which can have devastating effects on Tesla, and how the Chinese is well know to steal intellectual property from foreign firms. 1 Tesla’s Position in the Chinese Market Table of Content Abstract 1 Table of Content 2 Chapter 1 - Introduction 4 1.1 - Problem Area 4 1.2 - Problem Formulation 5 1.3 - Research Question 5 1.4 - Working Question 5 Chapter 2 - Methodology 7 2.1 - Philosophy 7 2.2 - Methods 8 2.3 - Data 10 2.4 - Structure 11 2.5 - Limitations 13 2.6 - Literature Review 15 Chapter 3 - Theoretical Framework 17 3.1 - Choice of Theory 17 3.2 - Structural Analysis of Industries 18 Chapter 4 - Analysis 26 4.1 - Barriers to Entry 26 4.1.1 - Economies of Scale 26 4.1.2 - Product Differentiation 28 4.1.3 - Capital Requirements 28 2 Tesla’s Position in the Chinese Market 4.1.4 - Switching Costs 29 4.1.5 - Access to Distribution Channels 29 4.1.6 - Cost Disadvantages Independent of Scale 30 4.1.7 - Government Policy 30 4.1.8 - Sub-conclusion 32 4.2 - Bargaining Power of Suppliers 32 4.2.1 Sub-conclusion 33 4.3 - Substitutes Products and Rivals 34 4.3.1 Sub-conclusion 41 4.4 - Bargaining Power of Buyers 42 4.4.1 Sub-conclusion 44 Chapter 5 - Discussion 45 ​ Conclusion 47 ​ References 49 3 Tesla’s Position in the Chinese Market Chapter 1 - Introduction 1.1 - Problem Area One of the most consequential issues of the 21st century is the trajectory of the chinese economy. During the last decade the chinese economy has experienced a massive growth. The gross domestic product went from USD 1.211 trillion in 2000 to USD 12.238 trillion in 2017, with the annual growth skyrocketing in 2007 with 14.2% (The World Bank A&B 2018). One of the key concerns regarding the Chinese economy is its excessive use of state capitalism. The use of state capitalism results in China acting poorly in the global trading system. The Chinese government are funneling money into state owned firms and actively ensuring domestic firms have an advantage, thus putting foreign firms at a significantly disadvantage in the Chinese market. This belief that China is manipulating the market is not just a Western belief, countries in Asia agree. Chinese growth in the first quarter of 2019 may fall to 6%, which will be the lowest in three decades. Despite the increasing demand for reform and limiting the state’s power in the market by governments and businesses around the world, Xi Jinping, the Chinese President is reluctant to do so. On the contrary, since 2013 the Chinese government has tightened its grip (The Economist A 2019). In the United States (US), it is not only President Trump who is unhappy and frustrated about China’s economy. There is bipartisan support for reform and the business establishment agrees. “China must protect the rights of foreign firms. Within China that means giving foreigners full ​ control of subsidiaries, including over their technological secrets. Beyond its borders it means respecting intellectual property, which will be in China’s interest as its firms grow more sophisticated” (ibid) ​ 4 Tesla’s Position in the Chinese Market Issues like these are reasons why a lot of foreign firms are reluctant to establish a factory in China, especially highly technological firms. Tesla’s decision to open a factory in China, does raise some concerns. However, the Chinese market has huge potential, as it has grown into the largest market, almost four times the size of the US. In 2018 the sale of electric vehicles in China was 1.26 million, compared to 361.307 in the US (Statista A 2019), offering a significant potential as the Chinese market consisted of 56% of all electric vehicle sales globally in 2018 (EV-Volumes A 2019). The question then becomes if Tesla wants to enter the Chinese market, how would it compete as a foreign firm in China against already established firms and what entry barriers is there. 1.2 - Problem Formulation The last few years China has become a massive market for electric vehicles, not only in public transportation, but also electric cars. It is a growing market and Tesla’s announcement that it is opening a factory in Shanghai, in order to have easier access to the market, raises some questions. In short, how many restrictions and regulations does Tesla have to obey, what kind of barriers are there and who will they compete against? These questions will help us understand if Tesla will be able to succeed in the Chinese market. More importantly it will give us an overall understanding of what foreign firms needs to be aware of when entering the Chinese market and their competing chances. 1.3 - Research Question To what extent is it possible for Tesla to successfully enter the Chinese market and compete with Chinese firms? 1.4 - Working Question Does Tesla have the ability to break the entry barriers of the Chinese market? How much bargaining power does suppliers have over Tesla as they open a factory in China? 5 Tesla’s Position in the Chinese Market Do the substitute products and rivals in China present a significant threat to Tesla, as they seek to establish a firmer grip on the EV market in China? How much bargaining power does buyers have over Tesla in the Chinese market? 6 Tesla’s Position in the Chinese Market Chapter 2 - Methodology In this chapter, the methodological choices will be outlined and explained to ensure a deeper understanding of the research, and how we are analysing and the criteria set throughout the project. Thus, giving the reader a accurate account of how the research was performed and the purpose of the selected methodology. In addition, there will be reflections on alternative approaches, that could have been used, in order to critically assess our methodology in relation to other types. This will ensure a more valid and accurate research, and a better understanding of the chinese market, in order to evaluate Tesla’s chance of success. 2.1 - Philosophy The philosophical standpoint of the authors of this research paper, is that of a critical realist viewpoint. The concept or philosophy of critical realism is not so much a specific philosophical position, but rather a gathering of positions that include ontology, causation, structure, persons and forms of explanation. The philosopher who “invented” or came upon the construction of critical realism, Roy Bhaskar, was the initial person to begin the movement of critical realism (Bhaskar, 1975). It is a position of philosophical reflexive stance, which is concerned with entertaining the readers with informed explanations of the social sciences. As for Roy Bhaskar, we receive the initial understanding of the authors position, philosophically. The Critical Realism “theory” has the objective of conducting investigations based on real and internal mechanisms, which will produce certain specific outcomes (Bhaskar, 1975). It is believed in Critical Realism, that causal relationships are insufficient nor necessary to be established, and as such, what critical realists say, is that science should be treated as an ongoing process, where we adapt and improve on the concepts used to understand the studies (Bhaskar, 1975). In addition to this, the realists, as well as Bhaskar, argue that there is an existence of the necessity for ontology. Critical Realism general pursuit is to understand and explain the phenomena found and experienced in the world, and not just the beliefs and experiences in the world itself. As such, Bhaskar argued, that to understand reality, there is a necessity needed in a structure for openness, differences and 7 Tesla’s Position in the Chinese Market stratification (Bhaskar, 1975). Therefore, we can say that the researchers viewpoint, during this particular research paper, is to go in depth with the given data and/or information given and gathered, with a critical view, to initially uncover and understand the meaning of the given documents, and not simply aim to understand the beliefs and understandings of the people whom have constructed the said documents and data in question.
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