The Fork in Tech Carmaking: Why “Lead Everything” and “Enable Only” Sit One Accident Apart
In 2015, Alibaba and SAIC each put RMB 500 million into Banma Technologies. By 2025, Banma had lost more than RMB 3.6 billion over three years. Its 2025 loss alone was RMB 1.896 billion, including an RMB 1.841 billion impairment on operating-system intellectual property injected in 2020. Jiyue, the Baidu-Geely venture, sold about 14,000 vehicles in the first 11 months of 2024, roughly 1,200 a month. It collapsed in December when funding stopped. Afeela, the Sony Honda Mobility project, reached pre-production at Honda’s Ohio plant and opened showrooms in California. It was terminated in March 2026 with zero customer deliveries. Fisker, which had Magna build the Ocean in Austria, delivered about 4,700 vehicles in 2023 and filed for bankruptcy in 2024. Apple spent ten years and more than $10 billion on Project Titan and shipped no car.