BYD and other Chinese automakers have vowed to make timely payments to suppliers after Beijing signalled concern at some industry practices amid a cut-throat price war.
Around a dozen domestic carmakers, including Geely, Xiaomi and state-backed GAC and FAW, have in the past day all committed to a 60-day bill payment period for their suppliers with the aim of “promoting high-quality development” and “ensuring supply chain stability”.
The auto groups’ pledges come after Chinese officials signalled a crackdown on the industry’s growing reliance on so-called supply chain financing — a practice of funding operations by delaying payments to suppliers.
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