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A Watch lesson about BYD, electric vehicles, subsidies, supply chains, market disruption, and the financial risks behind China’s fastest-growing carmaker.
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Porsche lost 92% of its in a single year.
Volkswagen announced 15,000 .
How did a small battery workshop in less than a decade?
What's their ?
And why is nobody talking about what's really happening ?
Because BYD didn't just like that.
That would already be bad news for Mercedes and Volkswagen, but it would still leave them the .
BYD and the other Chinese carmakers aren't just dominating Beijing and Shanghai, they're on every continent at the same time, and nobody seems able to stop them.
A region that had been a Japanese for 40 years flipped in a few years.
Even Audi, the untouchable brand of European luxury, is now losing customers in China and losing at home in Europe at the same time.
Friedrich Merz, the German Chancellor, had to fly to Beijing with 30 CEOs behind him, not to sign contract, but to ask Xi Jinping to stop .
And even there, the Americans know it's a , not a victory.
Wherever BYD shows up, the competition starts , sometimes in months, sometimes in weeks.
How does a Chinese company most people couldn't name 5 years ago something no Western carmaker ?
doesn't explain it.
In 1995, he was a 29-year-old engineer who borrowed $40,000 from his cousin and rented a small workshop in Shenzhen to start making .
He took the money and bought a bankrupt car factory in the middle of nowhere.
Everyone else was trying to figure out how to a car.
BYD decided to .
The batteries, obviously, but also the , the motors, the power electronics, the windshields, the headlights, down to the software running inside the dashboard.
When the global paralyzed the entire auto industry in 2021, BYD just on its own chip factories and kept delivering.
Wang quietly poured resources into , cars that run on electricity for and switch to gasoline for longer trips.
And once they got volume, the did the rest.
The third decision was the one that .
It was cheaper to produce, it didn't when you drove a nail through it, and it lasted longer.
It meant BYD could sell cars at a lower price than Tesla while claiming a .
Between 2015 and 2020 alone, BYD received roughly $4.3 billion in from the Chinese state.
The help came in every form you can imagine: free land for factories, from state-owned banks, on R&D, guaranteed public contracts for buses and taxis in hundreds of Chinese cities.
At its peak, analysts estimate BYD was pocketing between $2,000 of public money for every single vehicle .
BYD can sell below cost for years and still post a profit because the Chinese state is quietly .
The problem is that BYD is part of a national , Made in China 2025.
By the time Western governments finally woke up and starting talking about tariffs and investigations, Beijing had already starting the most aggressive subsidies.
The machine was built, the global was , and the competition was already .
Sadly, for BYD, the .
The first one opened up in early 2025 when a small independent research firm based in Hong Kong called GMT Research published a report that in the financial press.
The missing pieces are hidden inside what accountants call , a polite way of saying that BYD pays its suppliers on average 275 days after delivery, 9 months, in an industry where the norm is 50 to 60 days.
Technically, those are debt, except they don't show up on the .
BYD is , and the scale of it now rivals what Evergrande was doing in real estate right before the world seen collapse.
There's another practice nobody in China talks about openly, but everyone in the industry knows exist. It's called car.
At the end of each month, when are due, BYD dealerships register thousands of brand new cars in the name of they control, then immediately resell them on the as used zero kilometers.
, those car count as new car sales.
A salesman in Guangzhou admitting anonymously that at the end of every month he was told to register 200 or 300 cars under partner companies just to , which raises an uncomfortable question.
The quality problems have been in parallel.
In September 2024, BYD had to recall nearly 97,000 vehicles over defect that could cause and .
On Chinese social media, complaints about the Seal Lion SUV radio after 3 months, GPS showing roads that don't exist, wipers freezing in heavy rain, reaching nearly 5,000 official filings in a single week.
The case went all the way up to President Lula, and the financials are starting to .
Global sales in the first month of 2026 fell 41% .
Geely, the rival Chinese giant, is starting to at home.
The Chinese government itself issued a public warning late last year telling car makers that the they engage in isn't .
It's because if you're building a business in 2026 thinking the world still works the way it did in 2005, you're going to by something you never saw coming.
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