BYD’s profits collapsing 33% in 2026 is not just a number — it’s the moment China’s EV miracle begins to crack. And today on China Undercover, we’re pulling back the curtain on what state media refuses to admit: China’s EV empire is hitting its breaking point. BYD, Beijing’s golden child and the face of China’s EV rise, has shocked the world with a plunge no one saw coming. This isn’t a bad quarter. This is a systemic warning. The entire EV newcomer ecosystem — built on subsidies, hype, and unrealistic expectations — is now showing signs of collapse.
For years, China sold the world a narrative: unlimited growth, unstoppable expansion, and a future where Chinese EVs dominate global roads. BYD was the crown jewel, showcased as proof that China could beat Tesla, beat Japan, beat everyone. But behind the scenes, everything was propped up by cheap loans, government land giveaways, subsidies, and a domestic market that looked strong on the surface — but was quietly weakening. When China’s economy slowed, when living costs soared, when property wealth collapsed, consumer demand evaporated. Yet factories kept expanding, pumping out millions of cars that households could no longer afford.
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