Rebirth 08: Rise from copycat phones

Chapter 519: Big Wave and Life-and-Death Crisis
After checking the mass production status of the second-generation 7-nanometer process technology at Factory 28, Xu Shenxue also stopped by Factory 31, which was still in the equipment installation and debugging stage.

The 3st Factory is not a logic chip manufacturing plant or a storage chip factory, but an advanced packaging factory that uses the latest D packaging technology developed by Zhiyun Microelectronics.

"We have been exploring advanced packaging technology since 11. We first independently developed wafer-level packaging technology, which is mainly used for packaging various conventional chips!"

“However, we did not stop the research and development of advanced packaging technology, and also developed 2.5D packaging technology and 3D packaging technology.”

"After all, as semiconductor process technology has reached a bottleneck, the cost of advanced chip manufacturing is rising very fast. We need another technology route that can control costs while continuously improving chip performance!"

“We chose to advance advanced packaging technology!”

Ding Chengjun's words made Xu Shenxue nod slightly. The cost of manufacturing advanced chips was rising too fast.

When he first started making smartphones, everyone was still using 65-nanometer mobile phone SOCs. At that time, the chip was very cheap, the production capacity was large, and the price dropped quickly... The price dropped significantly in a year or two.

However, as technology continues to improve, costs are gradually rising, and the price of chips is falling more and more slowly.

A year has passed since Zhiyun Group's first-generation 903-nanometer chip S was launched, but the current manufacturing cost is almost the same as the previous one. The overall decline in chip costs is not due to a reduction in manufacturing costs, but to the continuous dilution of research and development costs.

The W1106 chip, which is expected to be launched at the end of this year and mass-produced early next year, also uses the first-generation seven-nanometer process. Its overall cost will not be much cheaper than last year's S903.

This is still referring to the first-generation 7nm process, and the second-generation 7nm process is even more expensive.

For a long time, whether it is the first-generation 7-nanometer process or the second-generation 7-nanometer process, these 7-nanometer processes will lead to extremely high manufacturing costs due to high investment costs and scarce production capacity.

Not to mention the five-nanometer and three-nanometer processes that are currently under development, their prices are more expensive than the other.

Just look at Zhiyun Microelectronics' seven-nanometer process and the huge investment in future five-nanometer and three-nanometer processes...that's a huge investment starting at hundreds of billions of dollars.

The huge amount of investment made many semiconductor practitioners around the world gasp: It’s too expensive!
Many second- and third-rate semiconductor manufacturers have even stopped investing in advanced processes: they simply can’t afford it!
The only three companies that are still following Zhiyun Microelectronics' pace are TSMC, Intel and Four Star, but investing in them is also full of difficulties.

TSMC is in a better situation... it has the support of Apple, Qualcomm, and AMD, several large American semiconductor design companies, otherwise it would be impossible to invest in it.

As the cost of advanced semiconductor manufacturing processes continues to increase, if no changes are made, the prices of various advanced chips will continue to rise.

For example, the SOC cost in mobile phones may continue to double... Mobile phones that originally cost two or three thousand yuan will probably have to be sold for four or five thousand yuan.

The investment and manufacturing costs of advanced processes continue to rise, and the rate of increase is too frightening, which has forced semiconductor manufacturers such as Zhiyun Microelectronics, which focus on advanced processes, to look for other ways.

Advanced packaging technology is one of the many paths chosen by Zhiyun Microelectronics!

Ding Chengjun pointed to several chips in front of him and said, "We use advanced packaging technology to integrate and stack various chips to reduce the manufacturing cost of large-area high-performance chips and achieve better performance."

"The most famous representative of this technology route is our AI/APO series computing power cards."

Xu Shenxue has some basic understanding of the packaging technology of AI/APO series graphics cards.

The core of the AI/APO computing power card is to package a GPU core and multiple HBM2/3 high-speed video memories together, and then form a large chip to achieve performance far exceeding that of conventional graphics cards with GPUs and high-speed flash memory packaged separately.

In addition to the AI/APO series server GPU graphics cards, Zhiyun Semiconductor also has many other products that use advanced packaging technology.

Such as the ZY series terminal big data processing chips.

The EYQ series and PX series are two high-performance general-purpose terminal computing chips.

These chips all use advanced packaging technology, directly packaging the GPU, CPU, high-speed video memory and other chips together.

It can also be seen from these product series that advanced packaging technology is important to Zhiyun Group!
Without advanced packaging technology, you can’t play with all kinds of advanced computing chips…

Ding Chengjun continued: "We at Zhiyun Microelectronics invested in this field very early and have achieved very strong technological results."

"We are also the first semiconductor manufacturer in the world to mass-produce 2.5D advanced packaging technology!"

"In the field of large-scale applications, we are at least three years ahead of our three main competitors: TSMC, Intel, and 4Star!"

The fact that Zhiyun Microelectronics’ advanced packaging technology has been able to develop so well is also related to Zhiyun Group’s strong demand for advanced packaging technology.

Zhiyun Microelectronics has been engaged in OEM production of AI/APO series graphics cards in the early years. The demand for this series of graphics cards is an important driving force for Zhiyun Microelectronics to engage in advanced packaging.

Other semiconductor manufacturers do not have similar large-scale demand for advanced packaging processes, so their motivation to invest is relatively smaller!
After all, TSMC or Intel have created a lot of 2.5D or 3D packaging capacity, but what can they do with it? There are not enough customers to absorb this capacity!

The main customers of 2.5D or 3D advanced packaging processes are various computing chips, which account for more than % of the advanced packaging market.

The market for various computing chips is a very special market, and Zhiyun Semiconductor almost monopolizes the market.

Specifically in the field of server computing power cards, which has the largest demand, it is more than 99 percent. AMD's computing power cards have a market share of less than 1 percent, and the others... well, there are no others for now.

There are other manufacturers in some terminal computing chip fields. For example, Qualcomm continues to make efforts in the field of automotive-grade chips, Tesla is also developing its own chips, and there are other manufacturers in some other less common computing chip fields.

In addition to overseas manufacturers, many domestic semiconductor design manufacturers are also entering the computing chip field.

For example, Huawei started to develop their own computing power cards... It's not that they were strangled by Zhiyun, but they felt that Zhiyun's computing power cards were sold too unfairly, and they thought there was great potential in the computing power card market, so they also wanted to get in on the action.

We can’t enter the mid-to-high-end market like the APO series of graphics cards, but we can grab the low-end market!
They have always been very ambitious in the chip field, always thinking about developing their own chips, making their own mobile phone SOC, their own communication baseband, and now they even plan to make their own computing power cards.

Not only Warwick, many other domestic semiconductor design manufacturers are also designing and developing various types of chips.

From some cheap industrial small chips to top-level graphics cards, CPUs, mobile phone SOCs, and even computing chips, as well as flash memory, memory, video memory and other types of chips in the storage chip field, people are developing them.

Moreover, many professional talents are engineers who left Zhiyun Semiconductor.

Over the past years, Zhiyun Semiconductor has cultivated a large number of top talents in the field of chip design. Many of them have changed jobs or started their own businesses for various reasons, which has given rise to a large number of various chip design companies in China.

In the past five years, the domestic semiconductor field has been a very prosperous industry!

The downstream is supported by huge market demand for various smart terminals, smart home appliances, and even daily necessities and industrial products.

There are sufficient semiconductor design companies and semiconductor foundry manufacturing companies in the midstream... Not to mention Zhiyun Microelectronics, a large number of domestic semiconductor foundry manufacturers such as SMIC also have very sufficient production capacity.

Upstream, there are various semiconductor manufacturing equipment and consumables owned by Xiannvshan Holdings, and Zhiyun Software can also provide chip design EDA software.

Under the strong leadership of Zhiyun Group and Xiannvshan Holdings, the entire industrial chain has been completely opened up, which has created countless entrepreneurial opportunities and attracted a large amount of capital and talents.

Many of them start their own businesses without expecting to become the next Zhiyun Semiconductor or Zhiyun Storage, but they think it will be enough to make a living by developing chips in a vertical field.

These factors have led to the booming domestic semiconductor industry chain in recent years.

Zhiyun Microelectronics is one of the top leading companies among them and is also a global leader in the field of advanced packaging.

Ding Chengjun introduced to Xu Shenxue: "The 2.5D packaging technology we are currently using on a large scale uses a relatively low-cost silicon-based interposer. Compared with the TSV interposer used by TSMC's CoWoS, the cost is lower and the cost performance is good!"

"At present, our 2.5D packaging technology is at the world's leading level in terms of both technology and production capacity, with a monthly production capacity of 2.5 pieces. In addition, the th plant is still under construction. After the completion of the construction, our D packaging capacity will reach pieces within three years."

"This packaging technology is currently mainly used in the packaging of various computing chips such as APO4500 graphics cards, ZY series chips, and EYQ series chips."

"At the same time, we started exploring more advanced 3D packaging technology two years ago and applied it to the APO4600 graphics card. This year, we started to apply it on a large scale to the APO5000 graphics card. We have now built the 3th plant, with a designed D packaging capacity of pieces."

"However, the production capacity of 3D packaging is still very tight and in a state of severe shortage of supply. There are various computing chip packaging needs from many domestic and foreign manufacturers and our group's own needs, plus the packaging needs of other chip design manufacturers."

“We estimate that we will need 3D packaging capacity of pieces per month to meet initial demand.”

"This is also the core reason why we invested in the construction of the 3st plant. The plant has a designed production capacity of pieces. It is a super-large-scale D packaging plant and is expected to be put into mass production in the second half of next year!"

Xu Shenxue looked up at the advanced packaging factory that had completed construction and was still in the equipment installation stage, and nodded slightly: "We need to keep an eye on the construction progress of this 5000st factory. If it goes into production smoothly next year, combined with the increase in production capacity of the -nanometer process, the shipment volume of our APO graphics cards will be increased!"

Fu Zhengyang, CEO of Zhiyun Semiconductor, also said: "The current APO5000 graphics card is in short supply, and the gross profit margin is high enough. It has become the most profitable product of our group. The sooner we increase production capacity, the sooner we can make money!"

"If the production capacity is sufficient, according to the strong demand of the computing market now and in the next few years, we are expected to use the APO series graphics cards to generate $100 billion in revenue, of which at least $800 billion to $900 billion will be gross profit!"

"As long as your production capacity increases, the profit from an APO series graphics card alone will be enough to support your entire Zhiyun Microelectronics' extravagance!"

Ding Chengjun laughed and said, "We are not that wasteful. Our annual financial expenditure is only about 30 to 40 billion US dollars, not 80 to 90 billion!"

While these people were chatting in the front, Xi Wanqing and others who were following behind were also happy to listen.

If the computing power cards make money, their Zhiyun Group and its parent company Liuhe Investment will also make more money. If the company makes money, the company's stocks will also be more valuable... After all, among the group of people present, most of them hold a lot of company incentive option stocks.

Not to mention stocks, even regular salary and benefits can only be supported by the company making money!
Zhiyun Group is well-known throughout the country for its high salaries and good working environment!
The preferred job search sequence for many top domestic talents is to go to Zhiyun Group or related Liuhe Investment and other large companies under the name of Xu Shenxue... Xu Shenxue is really generous with money, and they don’t have to worry about the mid-life unemployment crisis, and they also have a world-class top platform.

Of course, it is really difficult to get in, so don’t expect it if you are not a top talent.

Science is relatively better. After all, Zhiyun Group and related companies are high-tech enterprises and have a huge demand for science talents.

If a liberal arts talent wants to join Zhiyun Group, it would be extremely difficult... because there are few positions and little demand, so the competition is even more difficult.

Top talents cannot get into Zhiyun Group and related companies under Xu Shenxue, so they have to settle for other so-called big companies.

Zhiyun Group’s high salary and benefits also need to be supported by huge profits.

And Zhiyun Group is really making money!
In the past, everyone said that Zhiyun Group made huge profits by selling various types of smart terminals. Mobile phones cost thousands or tens of thousands of yuan, tablets also cost thousands of yuan, laptops cost thousands or tens of thousands of yuan, or even twenty or thirty thousand yuan. Even a broken Bluetooth headset costs more than a thousand yuan.

The gross profit margins of these smart terminal products are often over 40 percent or even over 50 percent, which makes other mobile phone manufacturers jealous.

However, when Zhiyun Group started selling APO series graphics cards, they all fell silent!

I originally thought that a gross profit of 40 to 50 percent was already very high, but Zhiyun Group's computing power card directly brought in a gross profit of 80 to 90 percent!
That's it, major companies around the world, whether they are large high-tech companies that want to develop artificial intelligence, or small and medium-sized enterprises that want to deploy the open source GTAI series local artificial intelligence and engage in big data applications, are all rushing to buy APO series graphics cards.

This year, the four major domestic Internet companies alone have ordered more than 600,000 APO series graphics cards.

Foreign companies also placed huge orders, with Google alone ordering 300,000 units this year.

The huge backlog of orders for the APO series graphics cards is actually very serious, with severe supply exceeding demand. It is normal to place an order this year but not receive the goods until next year.

This shortage of supply is also an important factor in pushing up the price of computing chips and high gross profits! The APO5000 graphics card, which costs only more than yuan, is sold at an extremely high price of yuan.

The APO4600 graphics card, which costs just over yuan, can now be sold for or yuan.

As for the APO4500 graphics card, its cost is even lower, currently less than yuan, but its selling price can reach or yuan.

These three categories of server GPU products, every one of them, are making huge profits!
People often say that a 300% profit is enough for capitalists to sell the ropes that will trap themselves!

However, the profit of Zhiyun Group's computing power card business is 800 to 900 percent, which is enough to hang Xu Shenxue several times.

With the continued explosion of the artificial intelligence market, major manufacturers are striving to develop their own artificial intelligence.

The high degree of monopoly in the computing power card market and insufficient production capacity have led to supply exceeding demand.

In addition, Zhiyun Group continues to open source GTAI every year, and has now released version GTAI3.5, continuing to promote major companies and even small and medium-sized enterprises to deploy local GTAI.

All these have pushed up the prices and profits of APO series graphics cards.

In the next few years, Zhiyun Group's computing power card business will continue to maintain rapid growth and will become the business with the highest profit margin in Zhiyun Group.

Of course, in terms of total profit, it is still slightly inferior to the smart terminal business. The scale of smart terminals is too large, and now it has exceeded 300 billion US dollars. Its gross profit has reached more than 100 billion US dollars. It is the core business of Zhiyun Group.

Although the computing power of computing power cards has a high profit margin, its scale is not that large, and its total gross profit is currently only at the level of 50 to 60 billion US dollars.

However, by next year, with the continued improvement of 3D packaging factories and seven-nanometer process capacity, this situation will change significantly. It is estimated that the revenue of the computing power card business will exceed US$ billion, and the gross profit will reach about US$ billion.

The smart terminal business and computing power card business alone are expected to provide Zhiyun Group with more than US$450 billion in revenue and contribute more than US$200 billion in super high gross profit next year.

If we add in Zhiyun Group's other businesses, such as the robotics business, virtual equipment business, software and Internet business, as well as the semiconductor chip business for external sales, semiconductor foundry business, and some miscellaneous spare parts business, supply chain business, etc., Zhiyun Group's revenue this year will reach more than 6,000 US dollars.

As for how much it will be next year, many analysis agencies estimate that it will reach 700 billion US dollars. The specific amount will depend on the development of the three main businesses: robotics business, virtual equipment business, and computing power card business.

However, whether it is 600 billion US dollars or 700 billion US dollars, Zhiyun Group will continue to hold the leading position of the world's highest revenue, highest market value and highest profit.

And it is unlikely that a strong challenger will emerge in the foreseeable future.

The market value of Fruit, an important competitor, is still hovering around 500 to 600 billion US dollars, which is no longer on the same level as Zhiyun Group... There is no way. The sales of Fruit's core product, mobile phones, continue to fail to increase, and have been hovering around 140 to 150 million. Other smart terminal businesses are also suppressed by Zhiyun, and profit margins continue to decline. Investors lack confidence, so the stock price naturally cannot go up.

There is a huge difference between being the first and the second in the industry!

However, the fruit industry is also making positive progress and constantly trying to develop new businesses, such as virtual equipment, electric vehicles, and artificial intelligence.

Needless to say, everyone is working on artificial intelligence... The management of many large companies have already realized that many new technologies these days are based on artificial intelligence. If they don't develop artificial intelligence technology, they will die sooner or later.

Now they are basically developing their own artificial intelligence to gain a future, while researching and deploying open source GTAI to compete for the existing market.

Even for this, they have to thank Zhiyun Group for open-sourcing GTAI and continuing to update it every year, so that all companies in the world can get access to an excellent artificial intelligence for free.

You can use the most advanced artificial intelligence without spending a penny... Of course, the prerequisite is to buy an APO graphics card from Zhiyun Group!

Now, even many European countries, India, and some ASEAN and South American companies are shouting about entering the era of artificial intelligence...

If I can’t develop my own artificial intelligence, why can’t I use Zhiyun’s open source artificial intelligence?

Isn't it just buying some APO graphics cards from Zhiyun? It's as if no one can afford it!

Some time ago, Europe even held an artificial intelligence summit, where senior officials from a large number of countries went to discuss artificial intelligence... Just by looking at the news, people who don’t know would think that they have all developed their own artificial intelligence and computing power cards.

If you inquire carefully, you will find out that they are all using Zhiyun's open source GTAI and APO graphics cards!

Well, at the moment, people from few countries are accusing Zhiyun Group of dumping computing power cards at low prices... The argument is reversed, and everyone is accusing Zhiyun Group of limiting sales.

Some Indian companies are very dissatisfied with this, saying that the annual supply of APO5000/APO4600 graphics cards is only pieces, which seriously does not match the international status of Indian companies. They asked Zhiyun Group to increase its supply to the Indian market.

The spokesperson of Zhiyun Group laughed off the questions and accusations from Indian reporters at the press conference... and said that Zhiyun Group has always attached great importance to the Indian market, but the production capacity of APO series graphics cards is limited, and Zhiyun Group will queue up for supply according to customer order contracts!

The truth is, large companies like Google place orders for hundreds of thousands of units every year. They are old customers at a strategic level, so naturally we give them priority.

There aren't any large high-tech companies in India. The orders are only tens of thousands of pieces a year, and they always try to bargain, and they drag their feet on the deposit...

Faced with artificial intelligence summits in Europe and India, several large high-tech companies in the United States are too lazy to join in the fun, as they cannot afford to lose face... They are still ambitious, and they have never given up on developing their own artificial intelligence or developing their own computing power cards.

It’s just too damn difficult to do!

Zhiyun Group has opened up the supply of APO computing power cards and developed open source GTAI. In fact, one of its core purposes is to target American semiconductor companies that are trying to develop their own computing power cards and artificial intelligence... The effectiveness of this can be seen from the fact that AMD has been developing computing power cards for several years, and now even they themselves are purchasing Zhiyun's high-priced APO graphics cards.

If Zhiyun Group holds on to its APO graphics cards and does not sell them, AMD's computing power cards may actually develop.

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The virtual equipment business that Apple is developing is the newest and hottest new business in the world. A large number of companies have entered the virtual industry one after another, and those Internet companies have developed various virtual communities, virtual games, etc.

Apple, Google, Facebook, StarWorld and even Huawei in China are focusing on virtual hardware devices and trying to develop virtual devices. If they can't make high-end VR omnidirectional treadmill virtual devices like Yun VW, they will try to make a low-end one.

Apple and Google have made great progress in the field of virtual devices, but it is not easy to actually make them.

In the field of smart electric vehicles, Apple has been doing relatively well. They have been developing their electric vehicle business for several years and have been refining their products.

The management of Fruit has largely placed future new growth on smart electric vehicles... There is no other way, the smart terminal business has been suppressed too badly by Zhiyun Group, and the ceiling is already within reach.

It is also difficult to develop the virtual equipment business and there is no hope in the short term.

But the fruit industry cannot sit and wait to die. They always need new businesses to drive growth, so they have put a lot of effort into the field of smart electric vehicles.

They cannot develop HaiLan Automobile’s L4 level autonomous driving, but with some hard work and increased investment, they can still develop L3 level assisted driving. At this stage, there is still a market for L3 level assisted driving!
Moreover, Hailan Automobile and Tesla have already set an example and proved the huge market potential of smart electric vehicles. Therefore, after considering many factors, Fruit has made a great determination to develop this smart electric vehicle.

Although the gross profit of electric vehicles is far lower than that of smart terminals or other high-tech products, the revenue is high and the total profit will not be small!

Besides, a lower profit margin is better than no profit margin at all!
If we don’t develop smart electric vehicles, we won’t be able to find new business growth points in the fruit industry for a while.

Apple's move into smart electric vehicles has put considerable pressure on electric vehicle manufacturers such as HaiLian Auto and Tesla...but it has also attracted many other smart terminal companies and even Internet companies to turn their attention to the smart electric vehicle industry.

In the past, the technical content of smart electric vehicles was too high, especially batteries, electronic controls, and assisted driving, which were difficult to deal with, and there was no mature industrial chain. In the early years, there were not even a few power battery manufacturers.

They can’t do it even if they want to!
Moreover, electric vehicles also belong to the automotive industry. Many people think that it is too big a leap to go from smart terminals or the Internet to automobiles, so many of them focus on investment, but relatively few people personally get involved in the business.

However, as the industrial chain of smart electric vehicles gradually matures, many companies have seen opportunities to enter the smart electric vehicle industry.

So it's not just fruit, many other high-tech companies have also personally started to develop smart electric vehicles.

If nothing unexpected happens, in the next few years, many high-tech companies will bring their own smart electric vehicles to the market.

Some of them will fail, and some will succeed.

But this will not affect the rapid development of the entire smart electric vehicle industry!
As a leading company in the smart electric vehicle industry, HaiLian Automobile will undoubtedly take the biggest piece of the pie!
Xu Shenxue is looking forward to this!
In this environment, MIT, a sub-brand of Hailan Automobile, also officially held a press conference in Mexico and released the first model of the MIT brand: MIT S7, an electric pickup truck.

At the same time, the re-skinned versions of the two models, Hailan SLMC and Hailan MEV, were also released.

It was also announced that these three models are now officially available for pre-order and will be shipped in October this year!

Let’s not talk about Mexico for now. However, as soon as consumers in the United States saw these three models, many people became interested!

The pure electric pickup truck is in line with the market demand in North America, and this pickup truck uses semi-solid-state batteries. In addition to the pure electric version, there is also an extended-range version, and the extended-range version has a comprehensive range of more than one thousand kilometers.

As for the re-skinned versions of the two Hailan mid-size cars, no one in the industry is required, and ordinary people who pay more attention to cars can do it. These are the re-skinned versions of Hailan SLMC and Hailan MEV...

That is, there are some changes in the car body and interior, but the other core things are almost the same.

For many American consumers, they are actually also very interested in Hailan cars.

Before the tariff increase in the US market, Hailan Automobile sold tens of thousands of vehicles a year. However, after the tariff increase, the price became too expensive and only a very small number of rich people could afford it.

I can't afford this originally imported Hailan car, but I can still buy a reskin version made in Mexico without any tariffs.

After all, many people still want to experience Hailan Automobile’s unique L4 level autonomous driving technology!

Therefore, the Mitre brand launched by Hai Lan's Mexican subsidiary, although only a new brand, has received quite good pre-order data after its release. In addition to local orders in Mexico, there are also many orders from the United States.

This made the management of Hailan Automobile quite happy.

Even Tesla's Musk is in a good mood... According to the strategic cooperation plan between Tesla and Hailan Automobile, the two parties will have cross-holdings in the Shanghai Tesla factory and the Hailan Mexico factory.

Every time a Tesla is sold at the Shanghai Tesla factory, Hailan can share part of the profits.

Similarly, when the A-Line Mexico factory sells a Mitre-branded or locally produced A-Line car, Tesla will also be able to share part of the profits.

HaiLian Automobile has started to make a splash in the North American market, and other car companies are not willing to lag behind and are also preparing to release their own various electric vehicles one after another this year.

Several European, Japanese and Korean car companies have taken corresponding actions.

Even General Motors and Ford are no exception. Although they cannot obtain Ningdai's semi-solid batteries, they can still obtain conventional lithium iron phosphate batteries and ternary lithium batteries.

To this end, they have also actively planned for the electric vehicle market and launched their own electric vehicles.

However, they overestimated their technical capabilities. The electric cars they produced were too expensive and had poor performance. Not to mention foreign consumers, even consumers in the local US market were not buying them!
Looking at the extremely dismal sales of electric vehicle business, Ford Motor's CEO is at a loss!
But he didn't stay sad for long, because soon he received a notice from the board of directors: he was fired!
He is not the first CEO of a large automobile manufacturer to be fired due to the impact of smart electric vehicles, and he will not be the last!
This huge wave of smart electric vehicles brought about by smart electric vehicle manufacturers such as Hailan Automobile and Tesla is an enormous crisis for most traditional automobile manufacturers.

If you are not careful, you will be crushed to pieces!

Even century-old car companies are no exception!

(End of this chapter)