I think the debt in and of itself is less important than the impact it has on liquidity. A few years ago they had no debt and did a secondary offering of A shares on the Shenzen stock market. Then they took on the debt when they burned through that cash and this summer the board approved another further stock offering which we have yet to see. The board is authorized to offer up to 20% more stock. Finance costs on the debt are up 33% in the first quarter of 2013 vs. 2012. Only about $40m all-in but another new expense. More worrisome is that net cash from operations is down 77% in the quarter ended March 2013 vs. March 2012. They burn a lot of cash and if they decide to strategically exit the conventional gas powered auto business entirely as they have proffered to do...then who knows where the cash comes from? I am currently on the sidelines with this and have bought and sold it over the past two or three years from $10.00 down to $1.50 and liquidated position recently at $4.20. I wouldn't own it until the dust settles and you can see what the secondary/tertiary stock offering impact is. Good luck.