Thanks for the comment. The reasons why I think this holds true are:
- many manufacturing companies are not located in cities and more in the countryside. This makes it harder to attract young talent who — at the moment — like to move to bigger cities. This is also what I hear from c-level people from those manufacturers who are located in the countryside of Germany, highly successful but very hard to attract talent.
- by entering new industries that doesn’t mean that they have to go full-stack what e.g. Tesla is doing. Google for example doesn’t have to build a car but they can maybe build the operating system and own the customer relationship. The question is what is getting commoditized vs. where does most of the value come from in the longrun