China’s leading EV upstarts—Nio, XPeng, and Li Auto—delivered strong sales in 2024. Li Auto stood out as one of just three profitable NEV makers nationwide, alongside BYD and the rising Seres. Despite the momentum, a stark warning has emerged from academia. Zhu Xichan, a professor at Tongji University’s Intelligent Vehicle Research Institute, predicts that all three firms could disappear within three years.