It could be either expensive like hell, or last just a week till the electronic fails.
It is well known, the weakest part in the retrofit LED's is their ballast electronic. Well, the LED's are the most tolerant technology for the ballast parameters, so keep most of freedom to the ballast designer, yet the designs are pushed so far (for cost reasons), they are on the unacceptable border. Yes, the margins on LED's are huge, but the competition is pushing that down, so there is quite a lot of room to reduce final prices without sacrificing the quality even further.
Now how could end up something way more technically demanding like an induction generator? There is no way for that being cheaper, nor more reliable, when it has to compete with LED prices on the store shelf.
And regarding the machinery: Yes, they may have gotten that for the cost of metal scrap cost, but don't forget it will be worn out, so in order to work it will require quite significant restoration work. And with that they get just a machinery at the end of it's life anyway, so exhibiting a lot of troubles. So it may appear as cheap solution, but it will mean huge expenses to just keep it somehow operational.
And with such bulb design they (or the machine) have to pick each piece individually for each processing step, so to make 10000 bulbs will cost 100x more than 100 bulbs. The semicondictors (so LED's,...) mau have more complex processing, but with each operation (pick a piece of material, do something with it,...) you make material for at least 10000 lamps at once. So even when each such step would be 1000x more expensive than a single step for the classic bulb, the final product remain 10x cheaper. With that you just can not compete with anything else...
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