I don’t understand China’s new energy vehicle market anymore.


It feels like all the players are losing money—
government subsidies are losing money,
upstream suppliers are losing money,
automakers are losing money,
and even people buying cars are losing money too.
A new EV worth over 500,000 can be driven for two years and is left with only 150k.
People buy Ferraris and McLarens—
after two years, when they resell, they can even make a bit of money.
So who is actually making money?
Even Tesla’s financial reports aren’t showing profits anymore.
Is this really the right technological path?
TSLA-2.03%
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