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I think that this inability to compete stems from a cultural aversion to reinvestment among those in the business world.
If these cars are making them those tiny or even negative margins at these prices that look like mortgages, they would benefit from evaluating themselves from top to bottom:
I believe that companies that grow to the size and influence that these have, they uniformly develop pathological behaviors and methods centered around maximizing value extraction from the business entity and dictating terms to the market they "serve". Soul-searching questions like those above, and really any sentiment toward genuine investment and betterment at all become foreign, radical, and distasteful to them and their supporters. They then shuffle along for potentially decades after they have essentially died, persisting on critical mass alone until the market is finally disrupted enough where that alone can't save them. BYD may be heavily subsidized, but they're also comparatively new and young, able to innovate and respond to market demands, fundamental practices their older monopolistic competitors have long ago lost interest in doing.
Those are all fine questionsn but until you actually have the answer to them, who are you or anyone else to pass judgement or make proclamations about them?
They're not able to innovate and respond quickly because they're new. They're able to do this because they have a blank check to do so with plenty of local 'competitors' in the same situation; the whole 10,000 apes sitting at typewriters scenario. We can see the same thing here in the US with venture capitalists funding all sorts of startups and look where that has gotten us. Tesla is also new and young but we haven't seen any innovations from them in about a decade now, just to demonstrate my point.
What new innovations are you referring to specifically by the way? AFAIK the appeal of Chinese EVs is that they're selling for 1/4 the price of any other nation's EVs. This wasn't accomplished through innovation. It was accomplished through deep pockets. I don't know of any feature present in Chinese EVs that someone else hasn't already figured out.