新能源最大的“雷”恒大汽车，被谁接手？

Core Viewpoint - Evergrande Auto, after spending 300 billion on car manufacturing, is now associated with abandoned land, leading to its reputation as the biggest "bomb" in the new energy vehicle sector [1]. Group 1: Company Transition - Evergrande Auto's land is back in the public eye, with news that it may soon be taken over by Guangzhou state-owned assets [2]. - Recent changes in business registration show that Guangzhou Poly Modern Industry Development Co., Ltd. has become the sole shareholder of Evergrande Intelligent Automobile (Guangdong) Co., Ltd. and Evergrande New Energy Automobile (Guangdong) Co., Ltd. [3]. - Guangzhou Poly, established in October 2024 with a registered capital of 2.64 billion, is backed by strong state-owned enterprises, indicating significant advantages in industrial investment and resource integration [4][5]. Group 2: Land and Financial Issues - The land in Nansha District, Guangzhou, was previously reclaimed due to Evergrande's failure to develop it, with a total investment commitment of at least 2.5 billion and a development deadline that was not met [12]. - Evergrande's financial troubles are evident, with total liabilities reaching 72.543 billion and a debt-to-asset ratio soaring to 208% [13]. - The company reported a revenue of 38.38 million in the first half of 2024, a 75.17% decrease from 154 million in the same period of 2023, alongside a net loss of 20.256 billion [13]. Group 3: Production and Market Challenges - Evergrande's only model, Hengchi 5, has faced significant market challenges, with initial high order numbers quickly declining, raising doubts about the authenticity of the orders [16]. - The production at Evergrande New Energy Automobile (Tianjin) Co., Ltd. has been fully suspended since January 2024 due to poor sales and operational difficulties [17]. - The company is undergoing bankruptcy proceedings, with a court-appointed administrator managing the liquidation process due to a lack of funds [19]. Group 4: Future Prospects - The effectiveness and execution of the restructuring plan by Guangzhou state-owned assets are under scrutiny, questioning whether Evergrande's legacy can be revitalized [22].