A common refrain about the Chinese car industry is that its firms don’t make money. For rivals, it would be comforting to know that phenomenal market-share growth among Chinese brands isn’t sustainable.
For some, including electric-focused start-ups like Nio and Xpeng, that’s true. But it’s not true for the big companies, such as BYD and Chery, that are inflicting real pain on the European volume makers.
