Recently, “Evergrande in the automotive circle” has sparked heated discussions, causing turmoil in the capital market. The collapse of Evergrande originated from the “high debt, high turnover and high risk” model. Does the automotive industry also have similar risks? This article explores the operational status of mainstream Chinese automakers by analyzing the financial reports of listed vehicle companies from 2024 to 2025.

Recently, the topic of “Evergrande in the automotive industry” has drawn widespread attention in the public opinion circle. For a time, the capital market was hit by continuous fluctuations, and auto stocks fell collectively. The collapse of Evergrande has been widely discussed. At its core, the real estate company’s expansion model of “high debt, high turnover and high risk” eventually led to a broken capital chain. Does a similar phenomenon also exist in the automotive industry? Whether this statement can be regarded as an “industry insight” may still lack comprehensiveness.

In view of this, we can get a glimpse of the current operational status of mainstream Chinese automakers from the publicly available financial data of listed vehicle manufacturers that can be collected.

Whose asset-liability ratio is higher

The asset-liability ratio is one of the commonly used indicators to measure the operational health of listed companies. Judging from the financial reports of 2024 and the first quarter of 2025, high debt is a typical feature of the automotive industry. Does this indicate that there are already considerable risks in the automotive industry?