... if anything it will be JV, NRE, etc. or a combination of that but no buyout.

buyout just does not make sense at this point of time, period.

and the saying goes: "For each accepted explanation of a phenomenon, there may be an extremely large, perhaps even incomprehensible, number of possible and more complex alternatives, because one can always burden failing explanations with ad hoc hypotheses to prevent them from being falsified; therefore, simpler theories are preferable to more complex ones because they are more testable"