A Deep Dive into BYD’s Suspicious Financial Engineering

The article investigates BYD's financial practices, suggesting that its rapid growth is built on "financial wizardry, supply chain manipulation, and heavy state intervention." It points to slowing sales, profit declines, and regulatory crackdowns as evidence of the unsustainability of BYD's business model. The author also highlights the company's significant off-balance-sheet debt, estimated to be around $44 billion.