比亚迪：梦想还是空想？

Less than 10 years after its founding, the Chinese start-up BYD (Build Your Dreams) had become one of the world’s largest battery producers. In 2003, BYD diversified into automobile manufacturing with the idea of becoming a leading producer of electric cars. Warren Buffett became a large outside shareholder, and Daimler a joint venture partner in a specialized subsidiary. By November 2010, BYD had become a more diversified, profitable firm employing 180,000 people and producing, among other products, more than 500,000 cars. But there were more and more signs that things were not going as well as expected, raising questions about BYD’s competitive advantage and its sustainability. Was the goal of its founder Wang Chuanfu just a pipe dream? Or were his investments in electric cars and other alternative energy projects just too early for the market?