Market Chatter: Chinese Automakers Pledge to Pay Suppliers Within 60 Days

MT Newswires Live06-12

Ten Chinese automobile manufacturers said they will shorten their deadline to pay suppliers to within 60 days after the revision of rules requiring more timely payments to small and medium-sized businesses, Yicai Global reported Wednesday.

Among those that announced they will shorten supplier payment periods include Dongfeng Motor (HKG:0489), Guangzhou Automobile (HKG:2238, SHA:601238), BYD (HKG:1211, SHE:002594), XPeng (HKG:9868), Changan (SHE:000625), Geely (HKG:0175), and Xiaomi (HKG:1810), Yicai said.

The revision took effect June 1, the report said.

As of the end of April, large industrial corporations used to wait for 70.3 days on average to receive payments, four days longer than the year-ago period, Yicai said, citing official data.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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