Are they profitable though? Sounds like a painful investment trap, where the company can always declare projections of a happy future once a certain threshold w

Are they profitable though? Sounds like a painful investment trap, where the company can always declare projections of a happy future once a certain threshold would be reached in terms of installed base of compatible cars with interchangeable batteries, and every time growth in installed base starts to visibly miss the optimistic prognosis they can say "uncle" and force a reset by introducing some new incompatible format "this time it will be better, need more money, now!" (I know nothing about how intra China VC works or does not work, but battery swap schemes sound like an effective capital trap - note that those traps tend to work best when even the ones setting them up don't recognize their nature, I'm not accusing anyone on doing it on purpose!)