

BYD is already facing scrutiny for running Evergrande like accounting, and a lot of political pressures from other Chinese manufacturers. The risk is that they collapse like Evergrande, and that they drag public debt into it. The CCP might prop them up, so it light be safe. A car is different from a book, because you need lifetime service for it. If they go under, you might lose access to parts.


I think that this is the greater point. 15% is just today’s number, but it’s better than yesterday’s number, and if it came from a deal, it islikely more stable than last week’s number. This is not about the number, it’s about slowing tu ngs down to stabilize other options.