Both figures need to be qualified. 1. The BYD debt is alleged to be undercounted due to treating suppliers as lenders. 2. The Toyota debt includes a large c

Both figures need to be qualified. 1. The BYD debt is alleged to be undercounted due to treating suppliers as lenders. 2. The Toyota debt includes a large chunk of lease financing. Which sort of doesn't count. But even if you adjust Toyota's down and BYD's up, Toyota's is still significantly larger.