Chinese knockoffs may be a business strategy. It’s called “copy to success.” Lei explains why Chinese are copycats through the story of Xiaomi and Apple and the history of BYD, a Chinese carmaker backed by Warren Buffett. Chinese copycats are a strategy China uses to compete with the west. Xiaomi started by making Apple knockoffs. For years, Xiaomi copied Apple products. Now it’s the third largest mobile phone maker in the world. BYD copied designs from Japanese and European competitors and made Chinese copycat cars. Now it is one of the leading Chinese carmakers ready for the USA.
0:00 Chinese copycats intro
0:30 Copy to success: Xiaomi and Apple
4:36 BYD: Chinese knockoffs explained
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