BYD is China’s EV champion—but is it hiding a financial crisis beneath the surface? In this episode, we break down a powerful analysis that uses BYD’s own financial data to expose how the company buried over 125 billion yuan in hidden costs, delayed supplier payments, and manufactured the illusion of profitability. Despite claiming massive profits, BYD is operating on a zero-profit model just to crush competitors. With working capital deeply in the red, its survival hinges on relentless sales growth. This is the untold story behind BYD’s success—and why it may be far more fragile than it looks.
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