Siemens Storm (China's Strategy for Turning the Tide)

Author: Wei Liwu
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Features: Siemens, a renowned brand; Siemens, a low-profile company. For 20 years, multinational corporations entering China have held extremely high expectations for this largest regional market in the world, but they soon discovered that the market operations in China are far more complex than imagined. In the home appliance industry, which is hailed as "highly competitive and razor-thin profit margins," the multinational home appliance companies that came to seek gold started almost simultaneously but presented different survival states: Whirlpool hastily withdrew, Electrolux adjusted its stance, Samsung restarted, Panasonic temporarily suffered setbacks, GE lingered until today, and only Siemens led the way. Siemens is one of the world's largest electrical and electronic companies. However, from arriving in China with substantial funds a decade ago, to struggling painfully in adversity, to undergoing drastic restructuring, and finally achieving remarkable success today—all of this has been happening quietly. The mysterious veil covering the heads of multinational corporations has always concealed Siemens' true face. The author of this book, Mr. Wei Liwu, is a current senior executive at Siemens and has witnessed the hardships and boldness of Siemens' decade-long effort to forge a sword. He tells the story of a real Siemens. This book primarily focuses on the 10-year journey of Siemens Home Appliances, supplemented by the evolution of other multinational home appliance companies' survival and development in China. It emphasizes the dramatic changes in the home appliance industry in China from 1996 to 2006 over the 10 years. The book mainly discusses: Why did Siemens Home Appliances, once in dire straits, undergo such earth-shaking changes in just a few years? What winding and arduous path did Siemens Home Appliances take in its 10 years of development in China, and how did it eventually get on the right track? What lessons can be drawn from Siemens' Chinese journey for multinational companies that are still struggling today? What implications does Siemens' success today hold for Chinese companies?