经观社论｜在乐观时保持底线思维

Core Viewpoint - The competition in the new energy vehicle (NEV) industry is far from reaching its conclusion, and the industry should focus on building a healthy ecosystem that promotes cooperation and high-quality success while avoiding "involution" competition [1][5]. Group 1: Industry Challenges - The NEV industry has achieved significant growth, but underlying issues are emerging, including supply chain pressures, quality control concerns, and financial vulnerabilities among companies [2][3]. - There is increasing pressure on suppliers from manufacturers, leading to a reliance on supply chain financing, reminiscent of the strained relationships seen in the real estate sector [2]. - Safety and quality issues are becoming critical, with some companies promoting immature driver-assistance systems and engaging in cost-cutting measures that compromise product integrity [3]. Group 2: Financial and Structural Risks - Many companies appear successful but are heavily reliant on external financing, resulting in fragile financial structures that could lead to cash flow crises if sales decline [3]. - The industry must recognize the inevitability of market corrections and the need for a natural clearing process to eliminate weaker players [3][4]. Group 3: Recommendations for Improvement - Establishing effective exit and risk mitigation mechanisms is essential to absorb market shocks and prevent "zombie companies" from occupying resources [4]. - The industry should focus on fair trading practices to rebuild relationships within the supply chain, ensuring a win-win situation for manufacturers and suppliers [4]. - Maintaining safety and quality standards is crucial, with a zero-tolerance policy for practices like premature mass production of untested technologies and misleading advertising [4]. - Encouraging rational capital investment and enhancing the risk investment ecosystem can help the NEV industry leverage synergies with robotics and AI, creating new growth opportunities [5].