China’s EV gamble backfires

China’s EV maker BYD has come under fire from competitors for waging a suicidal price war. The EV giant is now being called the “Evergrande of the auto industry” due to its hidden debt problems. A Hong Kong research firm recently revealed that BYD’s net debt may be ten times higher than the reported figure. The company has been offloading its financial liabilities onto suppliers and forcing aggressive sales quotas onto dealers. If BYD defaults, it could drag down the entire EV industry in China.

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