THE FUTURE 5 0 • THE LIST 2021NEW INDUSTRIALS
Contemporary
Amperex
Technology
15 CHINA
(SZ: 300750, $ 38 )
CATL, a battery
supplier to electric-
vehicle makers like
Tesla and Nio, says it
has designed a bat-
tery with a million-
mile guarantee over
16 years—far sur-
passing most of its
competitors. Such
tech could help it
keep its edge in
China, where the
government is cut-
ting manufacturer
subsidies.
Te s l a
18 U.S. (TSLA, $490)Elon Musk’s EV and
battery manufacturer
leaps up the ranking
as it becomes one of
the world’s most
valuable companies.
Why such potential?
Furious expansion of
its global manufac-
turing capacity
should allow Tesla to
begin producing
greater volumes of
cars, thus improving
cash flow and justify-
ing its eye-watering
valuation, and per-
haps even dragging
the auto industry into
a fossil fuel–less fu-
ture. (See our profile
of Musk in this issue.)Luxshare Precision
Industry
17 CHINA (SZ: 002 475, $8)Luxshare, already the sole manufacturer of
Apple AirPods Pro and a key supplier of Apple’s
basic AirPods model, is now set to become
Apple’s first iPhone manufacturer headquar-
tered in mainland China. The Dongguan-
based Luxshare acquired an iPhone assembly
plant from Taiwan’s Wistron in July and will
reportedly be responsible for fulfilling 20% of
iPhone 12 Mini orders. Over half of Luxshare’s
revenue comes from Apple, and the manufac-
turer’s track record as a supplier for multiple
components puts it in prime position to take
on more responsibility.Copart
43 U.S. (CPRT, $ 11 4)While auto salvage might seem like one of the most low-tech businesses imaginable,
Copart, which began as a single salvage yard, has grown into a digital force by connecting
would-be buyers with companies looking to sell damaged vehicles online. The company,
which sells more than 2 million vehicles a year, has experienced rapid growth as cars have
become more technically complex, and therefore less economically viable to repair: In fis-
cal 2019, Copart opened 11 new U.S. facilities and eight abroad. Copart’s profits hit nearly
$700 million in its most recent fiscal year, up more than 18% year over year.CoStar
Group
27 U.S. (CSGP, $892)Even when com-
mercial real estate
prices cratered dur-
ing the 200 8 finan-
cial crisis, CoStar,
which provides ana-
lytics to the industry,
remained resilient; its
revenue dropped just
1 % in 2009. The com-
pany’s tech- focused
strategy is core to its
stability. CoStar’s rev-
enue has continued
to rise despite the
pandemic, as land-
lords with fresh va-
cancies crowd to its
online marketplace,
Apartments.com—
helping push
revenues in the third
quarter to a new rec-
ord of $426 million.Fastenal
46 U.S. (FAST, $ 47 )When the coronavi-
rus emerged in early
2020, the company,
based in Winona,
Minn., had a head
start. A distributor of
factory floor sup-
plies, including per-
sonal protective
equipment, Fastenal
reacted quickly to
the virus’s rise in
China, adapting its
supply chains and
becoming a major
supplier of PPE. That
helped it set itself
apart even as indus-
trial activity soft-
ened amid lock-
downs. Its next
challenge will be
whether it can man-
age both a surplus
of PPE and a still-soft
industrial base go-
ing into 2021.FROM BIG TO BITTY
A Copart auto salvage lot (above); Apple’s AirPods Pro earbud (top). COPART: COURTESY OF COPART, INC.; EARBUD: COURTESY OF APPLE