Zhu Xiaohu: We looked at Ningde Times three times early on, and all three times we passed, we did not invest. Because their technology was not appealing, it was not the latest generation.

We turned to the United States and invested in Boston Batteries, which mastered the latest generation technology. We brought their technology to China to support factory construction and localization.

But the result was that the latest technology was not mature. No matter how good the results in the lab, when it came to mass production, we found that there were still many uncontrollable factors. The yield rate could not reach a commercial level at all.

We invested 70 million USD in new energy batteries, and ended up not getting back a single penny.

Looking back, Ningde Times' technology at that time was not the latest, but it was already commercialized. As a result, it exploded.

The maturity of commercialization is much more important than the advancement of the technology itself.

— Season 2, Episode 5 of 'The Current'