Asia's largest new energy automaker goes bankrupt, Why? Warren Buffett reduces stake in China's BYD

[@chinainsights4458]

Correction: 12:05 should be: Oct, 2021

[@ClodiusTempus]

Great channel dude, keep it up.

[@dezibeldani]

Warren Buffet's reduction is laughable: 20.04 - 19.92 = 0.12 that was just to test how the stock market reacts.

[@OffGridInvestor]

It was AGES ago, as SOON AS the chinese government CUT SUBSIDISING BYD that buffet pulled out LITERALLY the next day.

[@OffGridInvestor]

@@dezibeldani I believe he cut it to ZERO as soon as the electric car subsidies were cut by the chinese government MONTHS AGO

[@mikhailsharon4331]

Thank you.

[@Layput]

The reality is that these battery vehicle companies were set up not to produce vehicles in mind but to take advantage of government subsidies. You will realize how little the effort is that went into making these vehicles as they are extremely low quality.

[@mobiuscoreindustries]

Meanwhile the government and foreign investors alike pump billions into these companies because they market themselves as being the ones who can eject Tesla from the vehicle market. Obviously this happened in the West too (look at Nikola Motors) but in a car smaller scale, and not in a systematic way.

[@ChickenMcThiccken]

kind of like how the american government is placing all these charging stations on property that does not belong to them. not paying the owner for using the land. now owner is turning them off and removing them onto the street ; off of their land. making a product that only 1% of population uses. good business idea. LMFAO. yeah right.

[@zve6]

@SING CHUNG LEE Better yet a building made of tofu

[@memesfromdeepspace1075]

There only two busines in china. Money scheme fraud and coruption

[@Jordan-Ramses]

Everything in China is that way. The government are criminals. Why should anyone care about anything?

[@hemaccabe4292]

A Chinese company is going bankrupt? I’m shocked, shocked to hear this.

[@badmexican333]

AND the sky is blue, you say!?

[@JB-yb4wn]

Are you OK? Your heart not palpitating too much from the shock?

[@lunacron]

Well, not that shocked.

[@tlee927]

the whole country is going bankrupt. only the ccp is still making money by forcing covid lock downs and mandatory testing. 😄

[@Stroke999]

@@badmexican333 the sky isn't actually blue.

[@ennobrad]

I used to work with a company that was trying to import a Chinese EV into the US. I was honestly impressed by how bad it was, and I guess this whole subsidy situation explains why they were ever made in the first place.

[@vueport99]

And they had actually made it more difficult to qualify for govt subsidy. Go figure

[@ПобедавРоссии]

Wondering many idiots in asia believe them

[@lip124]

If i see anybody in the US with a Chinese car i'm gonna laugh at them, that cheap half bake car.

[@vueport99]

@@lip124 like a Volvo or a GM?

[@dannydaw59]

What are the tariffs on suvs assembled in China and imported into the us?

[@zapfanzapfan]

A flock of unused cars in a forest, something for future archeologists to wonder about...

[@covercalls88]

Happens here too. The US has many cars sitting in lots unsold just to keep the prices up. I would consider buying a Chinese EV if the price was right.

[@G-Mastah-Fash]

@@covercalls88 I got a bridge to sell you.

[@peterfireflylund]

“Cultic purpose and/or objects of a fertility cult”

[@zapfanzapfan]

@@peterfireflylund The general answer for finds you don't understand or see a practical purpose with 🙂

[@Damageinc.]

Imagine the Energizer Monty Python killer Bunny. Maybe it's a foreshadowing?

[@mikeshoults4155]

It's kinda sad that the reason for China's problems are mostly self inflicted. So much mismanagement.

[@matthiasbowie3844]

Sad. Or the only thing thats actually keeping the us as the superpower of the world. If china had played its cards right we would have stood no chance

[@runforestrunfpv4354]

Left policies seek to manufacture problems so they offer up their solution.

[@dudeguy818]

All self inflicted

[@lalajun5902]

I wouldn't be so sad for CCP. That's what happened when CCP only care about big spending to get juicy economy numbers.

[@ernestmac13]

You mean so much corruption.

[@TheHistory1776]

Are there any major companies in China that DOnT have a crap ton of debt?

[@petergray7576]

Covid Testing

[@TheHistory1776]

@@petergray7576 and the bots strike early

[@duncanhamilton5841]

@@TheHistory1776 well to be fair, if I had to open a business out there at the moment, it would be in covid testing supply, with a sideline in white overalls

[@coloredwhite]

@@TheHistory1776 huh? Didn't china insights literally do a bit about the corruption of covid testing in china? It's not wrong to say it's debtless funnily enough

[@petergray7576]

@@TheHistory1776 From CNN Covid test kit supplier Andon Health reported a net profit increase of 27,728% to $2.2 billion, said the report, breaking a record for any listed company in mainland China. Meanwhile, Hangzhou-based Assure Tech saw a 1,324% profit increase, it said, with 10 other major firms reporting profit gains between 55% and 376%

[@claudebujold4959]

Corruption is the name of the game!

[@maryfreeman2917]

This is what happens when the govt picks winners and losers. Free markets reward innovative companies for performance

[@HiddenAgendas]

Really? So why the fuck did taxpayers bailout GM, Bank of America, Wall Street, Tesla, etc etc?

[@sergeantjoe6802]

What you mean is the lack of oversight and regulation.

[@vueport99]

@@sergeantjoe6802 no, lack of actual experts

[@sergeantjoe6802]

or both.

[@koonhaokoonhao]

@@HiddenAgendas Dont lump GM and Tesla together you fool. GM hasnt paid back the 2 Bailouts from dotcom and 08. Tesla's was just a loan which they repaid years early

[@RalFingerLP]

Incredibel depth and details in this video about the chinese car market, keep up the good work!

[@glum75]

This is what happens when you give all the good deals to your dumb friends rather than a capable businessperson. They make dumb decisions.

[@briangerrits1454]

The same concept of giving good deals not based on merit afflicts Africa. That's likely the biggest reason for Africa's economic plight. An African friend of mine (Nigerian) told me that tribal affiliation rather than merit is generally the first consideration for advancement in business. It kinda scares me when I see the same thing happening here in the U.S. in the form of affirmative action.

[@robertotovar8963]

@@briangerrits1454 poor analogy...govt contracts such as the post offices new postal vehicles went to a company whose proposed vehicles were gasoline powered..even tho the law required that 60% had to be electric..bidder was given award from trump..postmaster general to a big donor of trump..Democrats pulled contract..citing violation of law requiring % of vehicles that had to be electric

[@petersvan7880]

Excellent reporting, keep up the good work!

[@kaputasri]

This is why free market economics is important when ever the government gets it's grubby hands on anything it rots.In this case subsidies being abused.

[@robertwang7825]

More pain ahead , 2022 has been brutal and doesn’t seem to be improving esp with Zero Covid still ravaging businesses. Until they change their policy , no amount of stimulus will work. It would be a miracle for China to achieve 3% GDP growth.

[@blinklost]

5000 years still the contiinues.

[@markpukey8]

Lucky for China, what they SAY and what they DO often have no relation to each other. So the CCP will just 'declare' that China's GDP met it's expected 5% target.

[@wisdomleader85]

Xi Jinping wants to use Zero Covid policy as his achievement, so it's unlikely to change until either his power gets solidified or he's completely overturned.

[@Sku11Ski11]

I would be a miracle to achieve GPD growth.

[@mikafiltenborg2291]

"Making profit selling EV's is hard" - Elon Musk....

[@maggoteater2290]

Well in his case its a little different

[@cavaleermountaineer3839]

He thought he was getting subsidies. These Chinese companies are the real fat cars. lol

[@phnx4life]

Because it's BS ..EVs of the early twentieth-century was even better than these so-called modern ones.

[@kickboxer8173]

incredible content. thanks for the hard work

[@pding123]

"Largest new energy automaker"? I work in the automotive industry in China until 2020 and they aren't even on the radar. To say they're the largest is a very far stretch.

[@nimay13]

I think the title should read electric automaker.

[@sergeantjoe6802]

it's one of many examples if you go on longer in the vid. Government stopped subsidies in 2020, 2021, 2022, after you left the industry.

[@bunyavissuthisorn5909]

... Whenever many medias say about China, it always be exaggerating.

[@nickb3005]

Seems like most large companies have been raped of cash by the executives and owners untill the buisness can no longer survive. Greed has been the problems of most failing companies. Sad to see this. The workers always get screwed over in the end.

[@BringerOfD]

That's only even fair to say under the assumption the business was ever meant to really produce a product. It's become a familiar song that large corporations are set up for the express purpose of scamming government subsidies. More often than not usually somewhere up the chain you realize it's also owned by the people who instated the subsidy in the first place. That's why so many tech industries in china just seem to come into existence over night just months before a subsidy is announced. The businesses aren't getting raped, you can even say the businesses were great successes. The unsuspecting employees and customers are the ones getting raped.

[@THA829]

Imagine that… the “founder” of a multi-billion company used to work for various government facilities. How does a wage earning state employee accumulate enough wealth to “find” a high tech company such as this? Bribery and corruption is imminent.

[@Morkvonork]

Every chinese billionaire is very suspect. And their parliament has the most billionaires in the world.

[@billtheone3467]

Wow a tyrannical a government has corruption... thats every country at this point. Banks getting their government payouts back in 2008 in the usa. Putin and his circle of evil having their hands in every Russian money making industry. The royals in the Uk having their hands on underage...Canada and their crackdowns on peaceful protests.

[@garethrandall6589]

Strange how companies need a "license" to build electric vehicles. Perhaps just so that the state official who signs off on that license can charge an enormous bribe? In most other countries the company would just build the car, ensure that it passes national safety standards, and they'd be ready to sell.

[@rizzochuenringe669]

Why the hell do they call it "new energy vehicles" when in fact this is just a recent development of electric vehicles which are one of the oldest branch of automobiles. Electric vehicles date back to the 19th century. They faded into obsolescence after the rise of the petrol and diesel engine driven cars, which were cheaper, lighter and more efficient. Electric vehicles survived only in certain niches, and today's hype for CO2-avoidance opened a new niche, but liquid fuel will always be superior to batteries, technically and economically and ecologically.

[@MJFallout]

Says someone who lives in a world where almost everything is already 'fueled' by electricity, surely sitting within arm's reach of some batteries, the unrelenting performance of which, day-in-day-out, they absolutely take for granted.

[@MotoroidARFC]

@@MJFallout where is that electricity coming from?

[@MJFallout]

@@MotoroidARFC Obviously it comes from power plants. What types those are depends strongly on where you are. However, in most places it'll be a mix of burning fossil fuels, burning biomass, such as biogas or wood pellets; nuclear, and renewables like hydro-, thermal-, solar- or wind.

[@rizzochuenringe669]

@@MJFallout I don't cross Africa by riding on my laptop and the "unrelanting performance" of batteries reminds me of the the pile of battery driven gadgets I had to dump because of, you guess it, the death of the batteries.

[@Bareego]

I work on the wharf side in Australia and get a good idea of what kind of cars we mostly get and in which numbers. Early on we did get some Chinese brands that were quite bad and didn't take off at all. But since the whole delay situation for Japanese/Korean cars, we have received a LOT of Chinese cars. It's mostly Great Wall Motors (which also includes the Haval brand). Personally I wouldn't buy one, but they've caught up a lot and are not as bad as they used to be. With brands from other countries there are long waiting lists if you want to buy a new car. Also recently I've seen quite a few Chinese BYD electric cars arriving on the wharf. Some brands might be going down in China but others seem to be doing just fine.

[@nelliej4558]

It is rare to see a comment like yours on these videos. It is usually not easy to figure out what is opinion because "China" vs what is really facts. It doesn't help that there is so much secrecy around information from China. Your perspective was rather refreshing.

[@AlexChangYuan]

The Nth iteration of the Great Leap Forward.

[@joha_21]

Thx keep us Informed! :)

[@DomFortress]

Thanks to unregulated CCP subsidies, the Chinese electric cars industry earn profits by generating industrial wastes, without making sales. Very similar to the big foods industry receiving US farms subsidies, allowing them to subsidize the processing cost for making otherwise low nutritional quality ultra processed food products, and still profiting off from our poisoned food supplies.

[@FloydMaxwell]

Informative, and lovely music at the end. Thank you.

[@LarsDennert]

This is exactly what they did with bicycles. They ended up with dumped ones everywhere. Now BEV. Next, Energy cell scam. It's a shame as the number one CO2 emitter they are at least trying to go in the right direction.

[@eriktheredblack6958]

Great content, thanks!

[@Jesus261192]

To be fair, I work in the EV industry and this is a minor player if it can even be considered as a player. I am not saying that there isnt a bubble in the EV space in China, but this is not really relevant.

[@Piniuli2]

not to mention it went bankrupt 2 yrs ago: en.wikipedia.org/wiki/Chang_Jiang_EV

[@mikelbrenn111]

They have more charging stations than cars. I guess there's no more waiting.

[@wt88.]

Government always subsidies automobile industries. In United States, the the major auto makers, General Motors, Ford, Chrysilar, were bailout and continue to be subsidies by the government to prevent from failing. No differences in Europe. Let’s provide a more objective view. Thanks.

[@garethrandall6589]

To be fair in the US and Europe it is about existing companies with large numbers of employees who politicians want to protect, rather than brand new companies just set up to claim the subsidy.

[@wt88.]

@@garethrandall6589 Agree politicians want to protect employees of existing companies. However, it’s also protection of new companies to add jobs. Look at the new EV companies like Fisker, Rivian, Lucid, Tesla, Polestar….this happens everywhere in Europe, US, China, So. Korea, etc. These EV car companies would not survive without government subsidies. It’s not only cars, it’s any products for sell. For example, In US, politicians wanted to protect the farmers with huge subsidies like milk. Farmers over produce and dump milk in order to continue to receive the subsidies. The list goes on and on…

[@wildy59]

BE AWARE! The Hells Angels and Bloods alliance heads are having talks while you are reading this about their monopole in North America. They want to eradicate the Tai Huen Chai, know as the big circle, and the 14K in the continent. The goal is to overtake all of their activities in the territory. According to their plans, they will be supported by the Sinaloa Cartel and the Sun Yee On for a part of the gains obtained and it would be done by early 2024. If everything goes as planned, the Hells Angels and the Bloods will help the Sun Yee On to continue the Tai Huen Chai and the 14K hunt in Asia. They told their mens to prioritize the capture, mostly for torture and interrogation before killing and for selling but to kill right away if they can not capture. This is what the members having close ties with the Hells Angels chapter leaders are talking about. Some had already start moving to the targeted main operation areas and had been told that it is safe to because the Tai Huen Chai and 14K members are weak and stupid, rat like beings. They have to get the job done by any means, even if mass killing is needed. If you are involved tell you comrades about what is happening before it is too late to prevent the bloodbath and their fall!!

[@78bollox]

Lol truth hurts...wu mao

[@78bollox]

@@wt88. Malaysian or Indonesian?

[@jiasenghe008]

Once they get the free money they don't care about service or performance so declare bankruptcy and take a vacation. See ya.

[@jacobheinz8236]

Except in China, the CCP will come after you wherever you’re hiding with their money. Not so easy to defraud the CCP huh.

[@quinto190]

This is a really good overview of the Chinese electric car market, not just this company! And Li Ka-Shing - smart man, he knew 2016 already, that it would not work...

[@AM93000]

What did Mr Li say in 2016?

[@quinto190]

@@AM93000 It's in the video, he drew out of his investments in the company.

[@luket1085]

On the other hand in Indonesia, EVs are mostly (in terms of personal passenger vehicle, not buses nor taxis) are Korean Hyundais as far as I know.

[@helper_bot]

yeah, i was curious why i haven't seen a chinese EV here despite ID being mentioned. could be just racism though, which for once has the better ending (altho you could say chinese products are condemned worldwide due to their poor quality, to this day) edit: found out transjakarta is a byd bus, but at least they're the leading one in local china, and im pretty sure they didnt come cheap either (havent heard EV buses accidents here either)

[@pritampawar-xz8gl]

True in India also dominated by local tata EVs then Hyundai and last is mg

[@elmohead]

All of the electric buses in JKT are BYD

[@texan-american200]

Those factory new abandoned cars are the equivalent of ghost cities.

[@Mrbfgray]

Thinking the same, also the acres of piles of excess unused community bicycles a few yrs back.

[@vueport99]

@@Mrbfgray isn't "community ownership" great?

[@Mrbfgray]

@@vueport99 You noticed I chose my word carefully. ;-) *community says it all* , owned by everyone means owned by no one, no one to care no *productive* effort left unpunished.

[@vueport99]

@@Mrbfgray at least that's the premise of the promise, being community owned... But in practice, you'll find all things are owned by the few who holds power

[@Mrbfgray]

@@vueport99 Nonsense. "They" don't own me or mine, if it's different for you that's your own choice.

[@EdgyNumber1]

Absolute waste of cars and batteries. Cars left rotting in fields.

[@siticities7171]

too much subsidy is bad for innovation and productivity.

[@greg2502]

Too much by definition is bad...

[@rizkyramdhany4549]

indeed....but in my opinion unregulated & unsupervised subsidies is the root cause.

[@greg2502]

@@rizkyramdhany4549 it could be if that was the case.

[@HistoricalWeapons]

Now that’s a long title

[@harmony7686]

New energy vehicles but are there “energy” to charge them?

[@helper_bot]

thats why they're called new and not renewable, you need to find them first! ahaha

[@joshuahernandez3216]

When I lived in China, I would see empty vehicles in different places. I always wondered why and this channel explained it.

[@jacintochua6885]

Maybe the owners parked them and went some where just like in the west? Ever thought of this possibility?

[@joshuahernandez3216]

@@jacintochua6885 I saw a few crashed under a bridge in Beijing. They could have drove them off the bridge.

[@yesyes-om1po]

@@jacintochua6885 u can tell when a car has been parked and when its been abandoned lol

[@eaglestar2962]

​@@yesyes-om1poabandoned for a few minutes to a few hours.

[@ksgraham3477]

I hope that any repayments, if any, goes to the employees first!

[@alansmith888]

Largest new energy automaker? Isn’t that BYD? Chinas EV companies are probably second only to Tesla right now in sales. So many upcoming cutting edge companies such as NIO who are already eating away market share from a lot of established brands.

[@marksherrill9337]

I think EV’s are a good city vehicle. However, if we go all in on electric the cost will certainly go up and up. And where does all this electricity come from? Windmills? Only if the wind is blowing. Obviously nuclear is the way forward. But it will not surprise me if the cost of charging a car eventually exceeds the cost of gasoline.

[@simon6071]

Internet search: Amid Heat Wave, California Asks Electric Vehicle Owners to Limit Charging - New York Times reports "LOS ANGELES - Heading into one of the busiest holiday travel weekends in the United States, and just a week after approving a bold plan to ban the sale of new gasoline cars, California asked electric vehicle owners this week to limit when they plugged in to charge. The California Independent System Operator, which manages the state’s power grid, sent a Flex Alert asking all residents to voluntarily reduce their electricity use between 4 p.m. and 9 p.m. on Wednesday and Thursday and warned that more alerts were possible through the Labor Day weekend." Welcome to Joe Biden's Great Leap Forward. Oh, sorry , I mean the Green New Deal.

[@giofilms9099]

Still worth saving and being respectful to our environment.

[@fast1nakus]

Electricity can be endlessly sustained, gas is a limited resource and will end eventually. Solar, wind, thermal, nuclear... we have plenty of options to choose from.

[@notsonitsesobsea5612]

@@fast1nakus yes for nuclear... But solar, wind , hydro and thermal much UNRELIABLE form to produce electricity... Policy makers are corrupted the word sustainable...

[@fast1nakus]

@@notsonitsesobsea5612 thermal is extremely reliable.

[@addamr2052]

The whole world has been hoodwinked with All this going oh!so green crap .

[@kalui96]

meanwhile: over in Japan: Hydrogen powered internal combustion AND EV 🇯🇵🇯🇵🇯🇵🇯🇵 cannot wait to purchase a hydrogen GR Yaris

[@fluttzkrieg4392]

Call me a fanboy if you want, but if I had to choose between a Lamborghini and a Toyota, I'd take the Lambo only to sell it and buy a Supra and still have money left.

[@berrios181]

And how is the hydrogen for those batteries produced? Give you one guess-COAL.

[@gpsfinancial6988]

Toyota already have the hydrogen powered Mirai available. Despite massive subsidies it has been a complete failure.

[@waynerussell6401]

cdn.motor1.com/images/mgl/OrLRA/s3/efficiency-compared-battery-electric-73-hydrogen-22-ice-13.jpg

[@RodrigoPalma700]

Thanks for sharing.

[@Taeallday802]

I don’t want even so much as a garlic clove much less a car from China. Fools and their money.

[@michaelputnam2532]

Maybe we see why the massive push to EVs. The CCCP needs to increase sales volumes...

[@InquisitorBoomBoom]

It's CCP, CCCP is USSR in Russian but it collapsed thirty years ago

[@jeremyandrews3292]

The Combined Community Codec Pack? The Chinese Communist Party is just CCP, if that was what you meant.

[@TrineofFire]

Rather than selling these overproduced cars for cheap, these companies would rather dump these vehicles in the wilderness. Honestly, I wouldn't be surprised if Tesla did the same thing in democratic states in the US, I mean, California can't even handle charging what few electric vehicles there are already and these electric car batteries are way too unstable and toxic for the environment to make as it is. Madness.

[@darrylmuse9948]

Or Newsome tells them you can’t charge between these hrs because of rolling blackouts Lol

[@gpsfinancial6988]

@@darrylmuse9948 Cant refuel at a gas station when the power is out.

[@darrylmuse9948]

@@gpsfinancial6988 True

[@jameswyatt1304]

@@gpsfinancial6988 Not unless they've got a generator wired into the point of sale and pumps... And I can tell you from experience that stations don't have that around here. It's why we keep our vehicle tanks over half full for utility outages from tornadoes, tropical storms, heavy winters, etc...; it's vital w/our current governor.

[@FrancescoDondi]

Sometimes I hear articles claiming "it's foolish to not invest in China" ...thanks I'll pass for now

[@RedsHitpostMedia]

For a supposedly prosperous nation how do large companies always go into debt?

[@blazec9194]

Mismanagement, greed and corruption bro

[@buithi4488]

The charging post in rural areas must be for the aliens🤣😂

[@kiloton1920]

This type of waste is seen in America, I live in California and ever since I was a kid I have seen Caltrans working on the roads and building massive overpasses and highway expansions in areas that don’t need them at all, areas with very low traffic and low income.

[@authenticinari-fox8164]

Good thing you don't make the decisions then, the population is projected to increase overall, which will push the richer residents into poorer neighborhoods, which is what increases homelessness due to increase in demand and therefore increase in rent and property prices in previously affordable neighborhoods Add to that legislation preventing cheap housing to preserve the wealth of homeowners and landlords and you got the reason for large homeless populations. What construction is doing is not waste, it is calculated projection of populations and weighing the risks vs the costs. If government agencies really wanted to they could make ghost towns like china, but they are more aware and more business savvy than that.

[@kiloton1920]

@@authenticinari-fox8164 unnecessary waste is unnecessary waste no matter how or why it was done.

[@stefthorman8548]

@@kiloton1920 "unnecessary waste" according to you, who have no idea what you're talking about.

[@billwilson3609]

My city and county in East Texas did that after the oil field collapsed in 1985. They first planned where they wanted to see more commercial businesses and industries to be located then more directs routes thru and around town so shoppers and workers could have faster access to those. The new roads with all needed utility lines went thru undeveloped areas where the city wanted to see high end home developments built to get the additional property taxes needed to pay for the bonds that would be sold to fund the projects. All of that was done in stages so the now accessible areas could fill up with homes and businesses before extending the roads any further. That worked out real good so the county has built more outer loops outside the city limits that tied into two state highways on either side of town so more industrial parks and affordable housing developments can be built alongside the five lane roads with paved shoulders.

[@SwanRonsonDonnyJepp]

I'm quite impressed by the footage from October 2022

[@FelonyVideos]

Buffett didn't invest in BYD. That was Charlie Munger's decision. I saw a BYD vehicle at a BRK annual meeting. It was NOT impressive.

[@danieledwards9856]

BYD is one of the best here in China.

[@FelonyVideos]

@@danieledwards9856 It's really sad, all of the things that have happened, the trade war, the loan crisis, covid, and on and on. There was a very large potential for China to become the new world supplier of autos. It looks like that time has passed, now. But there's always tomorrow (next decade).

[@Mrbfgray]

How recently was that and what did you not like? As Tesla investor and generally interested in Chinese BEVs I ask.

[@blackbelt2000]

@@danieledwards9856 If byd is considered one of the best, then it is pretty much a joke if that is the best they can do. Then again, made in chyna......

[@danieledwards9856]

@@blackbelt2000 Value for money wise it’s hard to beat BYD, there’s a few cars here and there that might. But BYDs overall range is very competitive and offers good value for money. Obviously they’re not the same quality as Tesla, Nio and Xpeng.

[@seventhson27]

IT'S HARD FOR ME to feel sorry for China.

[@Zertemis]

I watch to laugh at the clowning China is doing after watching the local circus on US soil.

[@HiddenAgendas]

Gotta make Americans feel better by laughing at China!

[@greg2502]

@@HiddenAgendas we feel fine regardless. What economy is doing better?

[@HiddenAgendas]

@@greg2502 The one that lifted 800+ million out of poverty and is rebuilding all the countries the US bombed to shit. While America has millions of people sleeping on the streets and also the most people locked up in cages. But yeah, let's focus on China. USA be like all fake, all CGI all Stolen technology. bwahahahah

[@greg2502]

@@HiddenAgendas keep eating that garbage. The CCP is a disaster and failing fast. The banking system is a joke that citizens are losing confidence in rapidly, their stock market is a corrupt disaster that no one invests in, their real estate market (the only thing a Chinese citizen feels safe enough to invest in) is failing badly. The rise was fast as (the blueprints were already established) and the fall will be fast because of a managed economy, corruption, and massive govt interference. I haven't even touched on the bad debt trap loans that make up the belt and road farce. . If you disagree with any CCP policy you disapear. Keep drinking the Kool Ade China Chump but I'm sure you're not investing your cash in China. I know this pains you but the fact is the US is the best investment now and will be for decades more.

[@janusjones6519]

Um...since when did BYD declare bankruptcy? Bloomberg literally just did a report last week on how it's now the no.2 player in the car battery market after LG. The company seems to be alive and well and Warren Buffet still owns like 10% of it's shares.

[@jacobheinz8236]

Hey dude, stop spreading incorrect information yourself! Go watch n listen to this vid AGAIN, this time listen carefully for fuck sake!

[@paulmurray8922]

Some of those in-house financial manipulations reminded me of Enron and WorldCom.

[@shiyuliao9432]

largest? Nobody knows yangzte whatever in China.

[@dodieodie498]

Perhaps the abandoned cars should be parked inside the ghost cities or next to the unfinished apartment buildings that have been decaying for so long.

[@helper_bot]

i hate the fact that i'd probably enjoy that as a tourist destination. just completely lifeless

[@dodieodie498]

@@helper_bot I think it would be interesting to roam about for a day or so, and then I'd really want a functioning shower and bathroom.

[@1990chromes]

Are those charging posts for when the road is blocked due to a minor accident and people are stuck for days or hours? I've seen some crazy mountain traffic jams in china where truck drivers are sitting for ages and the lines are miles upon miles one lane of traffic

[@kirkanos771]

Not in the countryside, the modern/recent highways are empty.

[@ksgraham3477]

That is what happens when the powers that be push a product that no one wants, nor can afford. May it happen here. I do not like children working in Lithium and cobalt mines and the waste products have yet to be addressed.

[@gpsfinancial6988]

The Cobalt used to refine oil? or the cobalt that your cell phone and laptop battery or riddled with? or the cobalt used in medical technology? Most BEVs so not have cobalt in the drivetrain anymore, not that it's a big issue anyway. The vast majority of cobalt is mined by large efficient machines, not children.

[@jameswyatt1304]

And Lithium is most often "mined" in evaporation pools with relatively few people. Are you getting these minerals confused w/coltan or something?

[@ksgraham3477]

I got it from a broadcast showing the children in Africa, not sure which type of mine. In Bolivia, the powers that be ousted the first indigenous president for another that was more accommodating to the Lithium mining corporations.

[@jacobheinz8236]

@@gpsfinancial6988 Ignorance and laziness in research are abundantly demonstrated here with unbounded display showing off their little bit of understanding of cobalt use and the production of lithium batteries. Amazing huh? suddenly everyone is an expert after watching one doco on TV.

[@Moabi4]

😅There is literally no news article on this. BYD is not bankrupt, they are doing just fine.

[@phillysauto4724]

WHO IS WORSE THE PEOPLE WHO MISMANAGED OR THE ONE THAT ALLOWED IT TO GO SO LONG

[@LoneWolf-wp9dn]

Very interesting... the dominos are falling... the real estate the banks and now its gotten to the manufacturers... this one seemed like a giant waste but there will be others more purposeful that will fall as well

[@hydroac9387]

Great video.

[@billdavenport8228]

Chrysler, Ford, and GM are laughing on the outside and crying on the inside because that amount doesn't cover interest on their debt

[@qilu2004]

largest? won't even crack the top 50 list. the title is grossly misleading as always on this channel.

[@willeisinga2089]

We have 200 BYD EV Busses in Groningen. Netherlands. For years now. High Quality Silent No exhaust. Thank you BYD.

[@Drogonmoon]

Dumping their cars in countries and expecting governments to cough up

[@GatorWinup]

Minor typo in the video: how can the footage of a burning EV labeled Oct. 2022 when the video is published in Sep. 2022? Also, the less than 0.2% drop in holding really does not say much after affirming that the 203 mil to 8B investment success, right?

[@waynerussell6401]

As the man said, BYD is only surviving on government subsidies. As they are withdrawn so will the company valuation drop. kzbin.info/www/bejne/b5zbeZuOpbOVmpI

[@hendrickziegler8487]

The Buffett bit also seemed minor to me at first glance. Like some standard portfolio rebalancing. However, as he went below 20% ownership, it might be relevant for regulatory reasons. But I don't know about Chinese or US capital markets law.

[@bobk3840]

Why did some of the new vehicles abandoned have license plates?

[@blastum]

It would be interesting to know which of the NEV companies are state owned, too

[@11erikromanin]

I agree. It is so hard to figure out ccp involvement/ownership in supposedly privately owned Chinese companies. Would love more resources on this.

[@sakurakou2009]

isnt it part of chinese law that all companies must be state owned or partnered with the state , you cant own something 100% their

[@sakurakou2009]

@@11erikromanin their is no such thing as private in china , even if it private owned on paper the ccp still can twist the law to control it or accuse you of anything , jack ma is living example

[@ironwolfF1]

More importantly, is the CCP spending dark money to influence countries into outlawing ICE autos & trucks? The rush to embrace EVs without consideration to the energy production needed to sustain them is, at best, idiotic...at worse, suicidal.

[@blastum]

Hah, for those interested, en.wikipedia.org/wiki/List_of_automobile_manufacturers_of_China BYD, Xpeng, Nio aren't (yet) state owned.

[@richardc488]

God bless Star, a great product

[@edatmpa]

I have owned a Chinese-made EV for over 2 years, MG ZSEV, operating it outside China. It's performed flawlessly. Check out the JD Power satisfaction index. Few viewers will see this comment.

[@ChickenMcThiccken]

few viewers dont read garbage posts that are completely made up; just like your post.

[@helper_bot]

i feel like buying chinese products are like gambling. you _may_ get that 1 in a 100 chance your product was calculated, tested, qualified, made with care and passion, or the other 99 where even in the same brand, product, series number, you get absolutely none of the above.

[@MetalheadAndNerd]

Is that the JD Power "Maahk" is always mentioning when praising Chevrolet?

[@medannylee1]

Chinese products are all smoke and mirrors. Looks nice....doesn't work. 🤣😅😂

[@gpsfinancial6988]

My Apple phone works fine thanks

[@gajendrapatil1762]

Very encouraging news

[@Baekstrom]

I'm guessing that "energy vehicle" is a more or less direct translation of the Chinese word for "electric vehicle", but it sure is a weird term, since ALL vehicles need energy in some form to go anywhere.

[@MetalheadAndNerd]

I thought fire and electricity were the same word in Chinese, hence all these cheap battery brands with "fire" in their names.

[@Baekstrom]

After watching more of the video, I noticed that they always preface it with "new", as in "new energy vehicles", where "new" refers to new energy and not new vehicles, which is also strange, because electric vehicles aren't new at all; they have just been outcompeted by ICE cars since almost the beginning of the automotive era.

[@Johannesai1]

There are already too many cars and enough car-producing corporations. New vehicle companies should focus on public transport vehicles instead: buses, minibusses, tramways that use tires like those in Barcelona (Spain) and some few Chinese cities

[@demef758]

California is the king of EVs in the US, mandating the end of sales for gas-powered cars by 2035. At the end of August 2022, there was a giant heat wave that hit the state with temperatures over 38C. Naturally, many in the state turned on their air conditioners to cope with the heat. This caused a massive surge in power in the late afternoon, exceeding the state's ability to supply the electricity. CALIFORNIA BEGGED THE PEOPLE NOT TO CHARGE THEIR EVs!!!! Now imagine what will happen come 2035 when there are what, 5x more EVs on the road instead of today's 5%. You do the math!

[@gpsfinancial6988]

They asked them not to charge during peak times. No big deal, most people charge in the early morning when there is a glut of power at cheap rates.

[@demef758]

​@@gpsfinancial6988 Nonsense times two. Their own words: "“If weather or grid conditions worsen, the ISO may issue a series of emergency notifications to access additional resources and prepare MARKET PARTICIPANTS and the public for potential energy shortages and the need to conserve...The power grid operator expects to call on Californians for voluntary energy conservation via Flex Alerts over the long weekend...During a Flex Alert, consumers are urged to reduce their energy use from 4 p.m. to 9 p.m., hours when the grid is most stressed because of high demand and less available energy from solar panels. If a Flex Alert is issued, customers will be asked to set their thermostats to 78 degrees or higher, avoid using large appliances and charging electric vehicles, and turn off unnecessary lights." Second nonsense: cheap rates. My Bay Area power bill that used to be $70/mo during Summer is now 3x that, and I am praised by the utility for my exemplary low energy usage. Now let's increase the number of EVs in the state by at least a factor of 10, outlaw all use of oil in the state (that's their next mandate), then get back to me. Or why not open our southern border even wider and increase the state's population of illegals by another 5 million or so? No water, no electricity ... how much better can it get? "What did communists use before ox carts?" "Teslas."

[@gpsfinancial6988]

@@demef758 Just like you said - please don't charge between 4 and 9. That leaves 19 hours to charge in at a time when consumption is significantly higher that it's ever been. Many people would spend more on gas per month for their car than you are whining about spending on electricity. AC only really became a thing a generation ago, hard to believe people are so soft that they can't handle it being reduced a little. It's not like Texas where around 700 died because they didn't winterize their fossil fuel electricity production properly.

[@demef758]

​@@gpsfinancial6988 "That leaves 19 hours to charge in at a time when consumption is significantly higher that it's ever been." Now we're getting somewhere: you agree that consumption is higher than its ever been, and for two main reasons: 1) far more people in the state (thanks, Gavin!) and 2) green energy mandates that have shut down traditional power generation, replacing them with extremely unreliable wind and solar generation, which BTW require at least a 25% backup from either coal or natural gas power generators (bought from out-of-state sources) to compensate for the green stuff's power dips. You see no correlation with the timing of the Flex Alerts and the sun sinking in the west? "AC only became a thing a generation ago." Is that what your environmental prof told you? AC has been "a thing" for about 140 years. People have enjoyed it at least five generations. Until now, when we have government sticking its guns in our guts demanding we reduce its usage. That is why people died in Texas (state mandates to shut off oil-based power generation and replace it with wind mills that froze up last Winter), and why far more than that are going to die in Europe this Winter. Texas had a murderous heat wave last month (they were laughing at us whining about a mere 38C temperature) while also experience rolling power blackouts. Power outages in the dead of Winter and in the dead of Summer. Please explain why. Nice to know that (so far) you have no problem paying 3--4x more for your power bill while flippantly forcing others who make 10 times less than you do have to trade off travel expense with putting food on the table for the family. "What's the big deal? Just buy a $60k EV," says Adolf Biden's minister of energy. Her and your environmentalist hubris are on full display. I.e., let the poor eat cake.

[@gpsfinancial6988]

@@demef758 Republicans claim people are deserting California in droves. Are they talking BS? BEVs charge off peak - when demand is low and there is no supply problem The peak demand is late afternoon not 4 in the morning. The peak demand this year is the highest it's ever been and is almost 20% higher than it was last year. Supply is still not a problem at 2am. Closing fossil plants affects supply not demand. It has nothing to do with demand peaking. Do you really think that Texas, of all places, mandated fossil fuel power plants to close? In the early 70s only 20% of all owner occupied houses in USA (rich people) had central AC, even 25 years ago only half the houses had it. Most of the world has none, yet they survive. Your family might breed at 5 years old (5 generations from when central AC was in the average rich persons house), but it's not normal or legal. Luckily for you rich people are now putting in solar power and batteries to save the surplus power they generate. Ford already claim that their electric F150 lightning will be able to run a house for three days. By 2035 electric cars and home storage will be stabilizing the grid.

[@mattanderson6672]

Thank you

[@DeLorean4]

5:00 Hired the former CEO of Volvo Canada for auto manufacturing expertise? Volvo Canada is just an office building that handles marketing and sales for the handful of cars they sell here annually. We haven't manufactured anything since the Halifax plant shut down in 1998.

[@autodidact537]

Governments aren't very good at picking winners & losers.

[@joeykitty2892]

The current drought in Western US and other parts of the world, is a good reason to NOT put all your eggs in the EV basket! CA has already asked EV owners to NOT charge their vehicles during the current heatwave, because of the significant power demand... The current 'bandwagon' has a flat tire. LOL

[@Merugaf]

Yea keep driving fossil fuels that influence the droughts in Ca, that's not retarded at all!

[@billyesomann]

Hanaha, what a channel

[@jeromebarry1741]

The amazing thing about government subsidy and debt is that the greatest subsidies and loans are made to the least talented CCP senior executives.

[@BolsakTBagger]

i guess counterfeiting cars doesn't pay after all

[@TiaraSinica]

Moment of silence for all the bankrupt Chinese companies and queen Elizabeth.

[@BurdenofTheMighty]

My condolences to both.

[@dionpeek4339]

Don’t give up don’t give in never surrender!

[@nobodynobody1235]

This type of issues aren't isolated to China only. US and other countries have similar bad business practice as well. Mainly is to figure out how to trick the system

[@chrisdeason4904]

Shocking waste of resources..

[@shoopnooop2952]

The sad part is that instead of just leaving them in a forest fully functional they could have tried doing something good with the vehicles like exporting them to other countries as donations or for relatively cheap.

[@jeevad.tharan4179]

And completely cripple the local manufacturing? And prompting the export country to impose anti-dumping duties?

[@anvilsvs]

Given the overcapacity in the China you can be certain they will be dumping EVs all over the world for decades to come.

[@BurdenofTheMighty]

But will anyone want them once they start burning?

[@daneanderson7437]

I always wonder? In places like this: why doesn’t everyone join the army or police force? It seems like they are never having a bad time. And they always have the “I was just following orders” defense.

[@The_Smirk]

What a huge waste of money, land, resources and cars.

[@dannydaw59]

I don't understand why those evs were sent out to the fields instead of being sold dirt cheap. They could make even more profits and introduce the Chinese car buyer to their brand & build a relationship before the subsidies ended.

[@Layput]

They were considered sold. So they had to hide them somewhere. If they were sold again, their record would appear twice in the registration, which could attract investigation.

[@2packrm781]

@@Layput thank you for the explanation on one side because they cheated their books for personal profits.

[@grege9601]

Because they don't work.

[@jsmithepa]

Make money by producing, nobody said anything about selling them! Seems like a recurring thing in China.

[@danpatterson8009]

Leadership that both imagines it can define the market and exempts itself from the rule of law. What could go wrong?

[@charliez7130]

Too many startups - many of them will fall over, but this will help the real businesses thrive, whilst others will be merged/acquired.

[@Ruteger100]

why is this a surprize? No energy for electric vehicles or normal industry for that matter. Banking in the toilet. /Food shortages not to mention massive covid lockdowns. The loss of capital both foreign and domestic. Should be enough to spell doom for any electric vehicle company.

[@mobiuscoreindustries]

The nail in the coffin is that just like most OEMs and electric startups making BEVs, they either make tiny margind or actively lose money on the production line. EVs don't yet enjoy the east supply network it took ICE a century to build, so unless you execute to perfection, it's likely you won't be gaining any money selling your stuff. Tesla showed that all these issues could be absorbed, but that is because Tesla has an absolutely massive progig margin from executing so well, and have streamlined manufacturing to make themselves less reliant on any one supply breakage. It's not that any electric vehicle manufacturing is doomed, Tesla is living proof of that, but any baldy administered one is absolutely going to bite the dust.