What country and what models were they selling?

A UBS teardown estimated the BYD Seal’s (premium version) gross margin at roughly 16%. These cars are selling for $50k in Thailand. These data points suggest BYD is leveraging vertical integration, not selling the Seal at a loss.

I used to think the same way until this year on a trip to Asia. I was genuinely surprised by the range of new Chinese cars. Not just the low-cost models, but truly impressive, high-end vehicles with super innovative designs. I am very pro local manufacturing. But as a builder at heart, I have to admire the builder innovation energy coming out of Chinese auto companies. This wasn't just centrally planned... Its clear innovation.