The "Evergrande" in the automotive circle, seeing danger in every shadow.

While many automobile enterprises are on an upward financial trajectory, with new car - making companies generally narrowing losses and sprinting towards profitability, the claim that "a real - estate - like collapse is coming in the auto industry" has stirred up a storm of public opinion in the automotive field.

In 2021, the collapse of Evergrande Group caused a major shock in the real - estate industry. Therefore, when people claim that "a 'Evergrande in the auto industry' is emerging" and list the debt - to - asset ratios of automobile enterprises, it naturally raises concerns and alarms.

Taking a closer look at the Chinese new - energy vehicle industry, the claim that "a 'Evergrande in the auto industry' is coming" is clearly unfounded. In a high - speed development phase, high - intensity competition is inevitable, which means that challenges and opportunities coexist.

The wave of entrepreneurship in intelligent electric vehicles in China began in 2014. After years of fierce competition, a large number of high - quality car - making companies, such as NIO, Li Auto, XPeng, and Leapmotor, have emerged. In 2021, BYD, which has been accumulating strength for years, achieved remarkable results. The penetration rate of new - energy vehicles in China reached over 55% in the first half of 2025, and the production and sales volume of new - energy vehicles in China reached 3.5 million and 3.4 million respectively in May 2021.

Therefore, the claim that "the collapse of the real - estate industry" is happening in the auto industry is just a false alarm. The Chinese new - energy vehicle industry is in a period of high - speed development, and the debt - to - asset ratio is a common phenomenon in the auto industry. The so - called "collapse" is not a real problem. The so - called "collapse" is not a real problem.

However, the claim that "the collapse of the real - estate industry" is happening in the auto industry is just a false alarm. The Chinese new - energy vehicle industry is in a period of high - speed development, and the debt - to - asset ratio is a common phenomenon in the auto industry. The so - called "collapse" is not a real problem. The so - called "collapse" is not a real problem.

Therefore, the claim that "the collapse of the real - estate industry" is happening in the auto industry is just a false alarm. The so - called "collapse" is not a real problem. The so - called "collapse" is not a real problem.

Therefore, the claim that "the collapse of the real - estate industry" is happening in the auto industry is just a false alarm. The so - called "collapse" is not a real problem. The so - called "collapse" is not a real problem.

Therefore, the claim that "the collapse of the real - estate industry" is happening in the auto industry is just a false alarm. The so - called "collapse" is not a real problem. The so - called "collapse" is not a real problem.

Therefore, the claim that "the collapse of the real - estate industry" is happening in the auto industry is just a false alarm. The so - called "collapse" is not a real problem. The so - called "collapse" is not a real problem.

Therefore, the claim that "the collapse of the real - estate industry" is happening in the auto industry is just a false alarm. The so - called "collapse" is not a real problem. The so - called "collapse" is not a real problem.

Therefore, the claim that "the collapse of the real - estate industry" is happening in the auto industry is just a false alarm. The so - called "collapse" is not a real problem. The so - called "collapse" is not a real problem.

Therefore, the claim that "the collapse of the real - estate industry" is happening in the auto industry is just a false alarm. The so - called "collapse" is not a real problem. The so - called "collapse" is not a real problem.

Therefore, the claim that "the collapse of the real - estate industry" is happening in the auto industry is just a false alarm. The so - called "collapse" is not a real problem. The so - called "collapse" is not a real problem.

Therefore, the claim that "the collapse of the real - estate industry" is happening in the auto industry is just a false alarm. The so - called "collapse" is not a real problem. The so - called "collapse" is not a real problem.

Therefore, the claim that "the collapse of the real - estate industry" is happening in the auto industry is just a false alarm. The so - called "collapse" is not a real problem. The so - called "collapse" is not a real problem.

Therefore, the claim that "the collapse of the real - estate industry" is happening in the auto industry is just a false alarm. The so - called "collapse" is not a real problem. The so - called "collapse" is not a real problem.

Therefore, the claim that "the collapse of the real - estate industry" is happening in the auto industry is just a false alarm. The so - called "collapse" is not a real problem. The so - called "collapse" is not a real problem.

Therefore, the claim that "the collapse of the real - estate industry" is happening in the auto industry is just a false alarm. The so - called "collapse" is not a real problem. The so - called "collapse" is not a real problem.

Therefore, the claim that "the collapse of the real - estate industry" is happening in the auto industry is just a false alarm. The so - called "collapse" is not a real problem. The so - called "collapse" is not a real problem.

Therefore, the claim that "the collapse of the real - estate industry" is happening in the auto industry is just a false alarm. The so - called "collapse" is not a real problem. The so - called "collapse" is not a real problem.

Therefore, the claim that "the collapse of the real - estate industry" is happening in the auto industry is just a false alarm. The so - called "collapse" is not a real problem. The so - called "collapse" is not a real problem.

Therefore, the claim that "the collapse of the real - estate industry" is happening in the auto industry is just a false alarm. The so - called "collapse" is not a real problem. The so - called "collapse" is not a real problem.

Therefore, the claim that "the collapse of the real - estate industry" is happening in the auto industry is just a false alarm. The so - called "collapse" is not a real problem. The so - called "collapse" is not a real problem.

Therefore, the claim that "the collapse of the real - estate industry" is happening in the auto industry is just a false alarm. The so - called "collapse" is not a real problem. The so - called "collapse" is not a real problem.

Therefore, the claim that "the collapse of the real - estate industry" is happening in the auto industry is just a false alarm. The so - called "collapse" is not a real problem. The so - called "collapse" is not a real problem.

Therefore, the claim that "the collapse of the real - estate industry" is happening in the auto industry is just a false alarm. The so - called "collapse" is not a real problem. The so - called "collapse" is not a real problem.

Therefore, the claim that "the collapse of the real - estate industry" is happening in the auto industry is just a false alarm. The so - called "collapse" is not a real problem. The so - called "collapse" is not a real problem.

Therefore, the claim that "the collapse of the real - estate industry" is happening in the auto industry is just a false alarm. The so - called "collapse" is not a real problem. The so - called "collapse" is not a real problem.

Therefore, the claim that "the collapse of the real - estate industry" is happening in the auto industry is just a false alarm. The so - called "collapse" is not a real problem. The so - called "collapse" is not a real problem.

Therefore, the claim that "the collapse of the real - estate industry" is happening in the auto industry is just a false alarm. The so - called "collapse" is not a real problem. The so - called "collapse" is not a real problem.

Therefore, the claim that "the collapse of the real - estate industry" is happening in the auto industry is just a false alarm. The so - called "collapse" is not a real problem. The so - called "collapse" is not a real problem.

Therefore, the claim that "the collapse of the real - estate industry" is happening in the auto industry is just a false alarm. The so - called "collapse" is not a real problem. The so - called "collapse" is not a real problem.

Therefore, the claim that "the collapse of the real - estate industry" is happening in the auto industry is just a false alarm. The so - called "collapse" is not a real problem. The so - called "collapse" is not a real problem.

Therefore, the claim that "the collapse of the real - estate industry" is happening in the auto industry is just a false alarm. The so - called "collapse" is not a real problem. The so - called "collapse" is not a real problem.

Therefore, the claim that "the collapse of the real - estate industry" is happening in the auto industry is just a false alarm. The so - called "collapse" is not a real problem. The so - called "collapse" is not a real problem.

Therefore, the claim that "the collapse of the real - estate industry" is happening in the auto industry is just a false alarm. The so - called "collapse" is not a real problem. The so - called "collapse" is not a real problem.

Therefore, the claim that "the collapse of the real - estate industry" is happening in the auto industry is just a false alarm. The so - called "collapse" is not a real problem. The so - called "collapse" is not a real problem.

Therefore, the claim that "the collapse of the real - estate industry" is happening in the auto industry is just a false alarm. The so - called "collapse" is not a real problem. The so - called "collapse" is not a real problem.

Therefore, the claim that "the collapse of the real - estate industry" is happening in the auto industry is just a false alarm. The so - called "collapse" is not a real problem. The so - called "collapse" is not a real problem.

Therefore, the claim that "the collapse of the real - estate industry" is happening in the auto industry is just a false alarm. The so - called "collapse" is not a real problem. The so - called "collapse" is not a real problem.

Therefore, the claim that "the collapse of the real - estate industry" is happening in the auto industry is just a false alarm. The so - called "collapse" is not a real problem. The so - called "collapse" is not a real problem.

Therefore, the claim that "the collapse of the real - estate industry" is happening in the auto industry is just a false alarm. The so - called "collapse" is not a real problem. The so - called "collapse" is not a real problem.

Therefore, the claim that "the collapse of the real - estate industry" is happening in the auto industry is just a false alarm. The so - called "collapse" is not a real problem. The so - called "collapse" is not a real problem.

Therefore, the claim that "the collapse of the real - estate industry" is happening in the auto industry is just a false alarm. The so - called "collapse" is not a real problem. The so - called "collapse" is not a real problem.

Therefore, the claim that "the collapse of the real - estate industry" is happening in the auto industry is just a false alarm. The so - called "collapse" is not a real problem. The so - called "collapse" is not a real problem.

Therefore, the claim that "the collapse of the real - estate industry" is happening in the auto industry is just a false alarm. The so - called "collapse" is not a real problem. The so - called "collapse" is not a real problem.

Therefore, the claim that "the collapse of the real - estate industry" is happening in the auto industry is just a false alarm. The so - called "collapse" is not a real problem. The so - called "collapse" is not a real problem.

Therefore, the claim that "the collapse of the real - estate industry" is happening in the auto industry is just a false alarm. The so - called "collapse" is not a real problem. The so - called "collapse" is not a real problem.

Therefore, the claim that "the collapse of the real - estate industry" is happening in the auto industry is just a false alarm. The so - called "collapse" is not a real problem. The so - called "collapse" is not a real problem.

Therefore, the claim that "the collapse of the real - estate industry" is happening in the auto industry is just a false alarm. The so - called "collapse" is not a real problem. The so - called "collapse" is not a real problem.

Therefore, the claim that "the collapse of the real - estate industry" is happening in the auto industry is just a false alarm. The so - called "collapse" is not a real problem. The so - called "collapse" is not a real problem.

Therefore, the claim that "the collapse of the real - estate industry" is happening in the auto industry is just a false alarm. The so - called "collapse" is not a real problem. The so - called "collapse" is not a real problem.

Therefore, the claim that "the collapse of the real - estate industry" is happening in the auto industry is just a false alarm. The so - called "collapse" is not a real problem. The so - called "collapse" is not a real problem.

Therefore, the claim that "the collapse of the real - estate industry" is happening in the auto industry is just a false alarm. The so - called "collapse" is not a real problem. The so - called "collapse" is not a real problem.

Therefore, the claim that "the collapse of the real - estate industry" is happening in the auto industry is just a false alarm. The so - called "collapse" is not a real problem. The so - called "collapse" is not a real problem.

Therefore, the claim that "the collapse of the real - estate industry" is happening in the auto industry is just a false alarm. The so - called "collapse" is not a real problem. The so - called "collapse" is not a real problem.

Therefore, the claim that "the collapse of the real - estate industry" is happening in the auto industry is just a false alarm. The so - called "collapse" is not a real problem. The so - called "collapse" is not a real problem.

Therefore, the claim that "the collapse of the real - estate industry" is happening in the auto industry is just a false alarm. The so - called "collapse" is not a real problem. The so - called "collapse" is not a real problem.

Therefore, the claim that "the collapse of the real - estate industry" is happening in the auto industry is just a false alarm. The so - called "collapse" is not a real problem. The so - called "collapse" is not a real problem.

Therefore, the claim that "the collapse of the real - estate industry" is happening in the auto industry is just a false alarm. The so - called "collapse" is not a real problem. The so - called "collapse" is not a real problem.

Therefore, the claim that "the collapse of the real - estate industry" is happening in the auto industry is just a false alarm. The so - called "collapse" is not a real problem. The so - called "collapse" is not a real problem.

Therefore, the claim that "the collapse of the real - estate industry" is happening in the auto industry is just a false alarm. The so - called "collapse" is not a real problem. The so - called "collapse" is not a real problem.

Therefore, the claim that "the collapse of the real - estate industry" is happening in the auto industry is just a false alarm. The so - called "collapse" is not a real problem. The so - called "collapse" is not a real problem.

Therefore, the claim that "the collapse of the real - estate industry" is happening in the auto industry is just a false alarm. The so - called "collapse" is not a real problem. The so - called "collapse" is not a real problem.

Therefore, the claim that "the collapse of the real - estate industry" is happening