Tesla’s market capitalisation of $850bn is roughly as much as the next nine biggest carmakers combined. Other car bosses are desperate to emulate Elon Musk’s digger-to-dealership control
. Automobiles are also becoming, in effect, computers on wheels, running as much on processing power as the horse variety. And the pandemic has wreaked havoc on car companies’ complex global supply chains, most prominently of. As carmakers electrify, computerise and refashion their supply chains for the new reality, the giant sector is undergoing the greatest transformation in decades.
Doing everything under one roof is an idea both old and new. Tesla’s industrial system is at one glance an embrace of Silicon Valley’s “full stack”—internalising all aspects of production, and thus all the profits. Elon Musk, Tesla’s opinionated boss, once claimed that his company is “absurdly vertically integrated” by any standard, not just the car industry’s. In fact, Mr Musk borrows heavily from carmaking’s past.
This reverses decades of outsourcing to big suppliers such as Bosch, Continental and Denso in order to concentrate on managing supply chains, integrating separate parts, design, and marketing. Suppliers sold similar sorts of the same components to many customers using scale to keep prices low. This freed up capital for carmakers but put technological innovation at one step removed. Carlos Tavares,of Stellantis, an Italian-American giant , has said that his cars are 85% “bolt-on parts”.
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