By 2024, the data began to show inconsistencies.
Analysts pointed to rising accounts receivable and extended supplier terms.
Margins were tightening, even as reported sales increased.
At the same time, industry figures began raising concerns.
Some executives compared the structure to early warning signs seen during the Evergrande debt crisis — though such comparisons remain contested.
Then came product-level issues.
According to China’s State Administration for Market Regulation, BYD recalled 96