BYD concluded 2023 with record-breaking sales volume, surpassing 3 million annual sales and becoming the global new energy vehicle (NEV) market leader. Specifically, BYD sold 3,024,417 vehicles in 2023, a significant increase of 61.8% compared to the previous year. Sales for the first 2 quarters of this year were not good in China, but it's due to a variety of reasons. For context, Tesla's sales is also not good, yet EVs share of the Chinese car market continues to grow (even this year). Secondly, a 36% growth in the Chinese market is NOT a 'collapse'. Thirdly, 500 car companies is an insane amount for the world, let alone China, so a shakeup is inevitable. It doesn't mean the 'end of EVs as you try to draw conclusions from here. But you get one thing right by saying that only 1/5 of these brands will be finacially viable going forward. In fact, I would say that only 1/5 of that 1/5 will be financially viable, and I think may still be optimistic. Fourthly, the EV unit of Evergrande did NOT take down the whole corporation with it. Evergrande imploded due to China's crack down on highly leveraged developer practices, and Evergrande was in massive debt which causes it to implode, taking all their subsidiaries with it (including it's EV business).
