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Michael makes a solid point about historical disruption patterns. But there's a key difference: German and Japanese manufacturers entered mass market segments first, then moved upmarket. Chinese brands are trying to skip steps and go directly into luxury. That's much harder.

I think we're confusing Chinese brands as a category. Some are definitely threats. Others are mediocre at best. Lumping them together isn't helpful. The real question is which specific brands will succeed long-term.