Transportation

The luxury NEV maker has now been profitable for two consecutive years, signaling more stable footing in a competitive market.

Huge investments have helped the two carmakers grab market share in the stronghold of Japanese rivals.

Leading players are moving quickly to list before market conditions shift.

The lack of an ecosystem is a hindrance, but BYD, Sany, and others are expanding capacity.

Higher utilization, reduced subsidy reliance, and improved efficiency lift margins as the company reports its first adjusted quarterly profit.

Low EV profits obscure a broader push to expand globally, adapt to local demand, and build long-term positions abroad.

The latest EV is drawing fewer visitors and preorders than its predecessor, as expected in a more mature market.

The company has made progress in Brazil and Mexico, though its international business remains in the red.