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Most of these EV companies in China are going bankrupt, selling each car at a loss. Recently, Ji Yum Auto, founded by Baidu and Neely, shut down last December.
by gitdowndirty 2y ago
Most of these EV companies in China are going bankrupt, selling each car at a loss. Recently, Ji Yum Auto, founded by Baidu and Neely, shut down last December. A live streamer was live streaming selling the car. Upon hearing the news, she was bawling and told the listener to not to check out the car https://www.youtube.com/watch?v=HYdm2K81bW0 https://www.youtube.com/watch?v=HYdm2K81bW0.
As Chinese EV makers close, drivers of “smartphones on wheels” say software updates and maintenance are in jeopardy.
https://restofworld.org/2024/ev-company-shutdowns-china/ https://restofworld.org/2024/ev-company-shutdowns-china/
- bryanlarsen 2y agoTo put this in perspective, the number of car manufacturers in China has dropped from 300 to 150 in the past few years. Further consolidation is expected. So it's probably a good idea to buy from an EV company that is profitable. For example BYD has a gross profit margin of over 20%. That's approximately double the profitability of Western firms.
- bdangubic 2y agoyugo was also very profitable when it hit the US market with higher than 20% margins :)