Boss Great Wall hinted at the quick bankruptcy of the Chinese auto giant

In an interview with the Sina news agency, Wei Jianzyun said: China’s car safety under a serious threat. The Chairman of the GWM emphasized that “Evergrande has already appeared in the automotive industry, it just has not exploded yet.” Although BYD was not called directly, the parallels are obvious, because Evergrande is once the largest developer of China, which went bankrupt in 2021.

Wei Jiangjun for good reason hinted at the financial problems of competitors: he admitted that Great Wall is ready to allocate money for a comprehensive audit of all automakers. According to the GWM boss, it cannot be allowed that the years of hard work and state support of the China automobile industry disappeared. There are reasons for fear: BYD has the largest debt among Chinese companies (585 billion yuan or $ 81 billion) in 2024.

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Wei Jiangjun believes that “clean” electric cars are not executed, and in general, such a transport does not form a closed business cycle. Everyone still sells at a loss, but it cannot continue further, and energy subsidies that do not contribute to the healthy development of the industry should be canceled. According to the top manager, electric cars will not replace transport on other energy sources.

The skeptical attitude of Great Wall to “clean” electric cars is well known, moreover, the auto giant invests in voluminous internal combustion engines and even developed a new gasoline V8. Wei Jianzyun sees the future of the industry in hybrid power plants, in which the main role remains with the ICE.

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