VERY DISRUPTIVE NEW TECH CARMAKERS

This is a 12-page note which is part 1 of a 3 part series. 

This note will be of interest to investors who want to understand:

1. how is the car market going to be changing in the next few year, faster than most have anticipated. 
2. How could this impact on Tesla.
3. Which Chinese stocks could benefit from these changes.
4. Why you want to own parts companiess and not the assemblers.