December 10, 2025
TLDR: BYD’s chairman made an extraordinary public admission of competitive weakness as the company cut its 2025 sales target by 16%. Only three Chinese NEV makers are profitable, industry margins have collapsed to 4.3%, and 93 of 169 automakers hold less than 0.1% market share each. The consolidation GCBC predicted when Beijing declared industrial policy victory is accelerating.
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