Part 3/9:
In stark contrast, BYD has ascended to become one of the world’s leading EV manufacturers. This growth was significantly fueled by government backing, including subsidies and favorable policies aimed at promoting the EV sector. However, investigations, such as those from GMT Research, suggest that BYD may be employing financial strategies akin to those that led to Evergrande’s downfall. These strategies reportedly involve supply chain financing mechanisms that could be obscuring the company's actual debt levels, creating potential warnings about BYD's long-term stability.