Automakers' 60-Day Payment Commitment Exposed: Official Says Three Companies Have Fulfilled

On August 12, it was reported that from June 10 to 11, 17 domestic automakers publicly committed to ensuring that payment terms to suppliers would not exceed 60 days.

As of August 11th, exactly 60 days have passed since the public commitment. How have the automakers fulfilled their promises? How have the automakers that have already fulfilled their promises achieved them? What work are the automakers that have not yet fulfilled their promises currently advancing?

In response, the CCTV program "News 1+1" connected with Xu Haidong, the Deputy Secretary-General of the China Association of Automobile Manufacturers, to provide analysis and interpretation.

Xu Haidong, Executive Deputy Secretary-General of the China Association of Automobile Manufacturers, stated that three companies have already achieved payment within 60 days.

Currently, major central state-owned enterprises such as FAW, Dongfeng, and Changan; major state-owned enterprises like GAC, SAIC, and BAIC; private enterprises such as Geely and Great Wall; as well as new energy vehicle companies like Seres, Li Auto, and XPeng are all actively responding.

The China Association of Automobile Manufacturers has also conducted some relevant statistics. It should be said that these major automobile companies and leading enterprises have already taken action.

During the adjustment of the payment terms, the car manufacturer needs to prepare the funds. The related processes, including acceptance, system launch, payment, and the relevant supply and sales contracts, all need to be adjusted.

A large number of companies must first implement 60-day payment terms on new orders, and some old orders will gradually be resolved, which can also be understood.

According to the article "Fulfilling Payment Term Commitments, Key Automakers Take Action!" by the Industrial and Information Technology Information Center account.

It is introduced that, in order to fulfill the commitment of payment terms,China FAW has formed a cross-departmental special task force.Establish a closed-loop management system from process to supervision, promoting the transformation of policies from "administrative requirements" to "long-term mechanisms."

GAC Group firmly adheres to the principle of "paying suppliers within 60 days."Build a comprehensive control system covering the entire process from "order issuance - acceptance and warehousing - reconciliation and settlement - payment of goods".

SeresOn the basis of fulfilling the responsibility of timely payment of accounts,Relying on the pioneering "factory-within-a-factory" model, further ensure the implementation of account period execution.。

The article also disclosed the specific experiences, practices, and achievements of the three car companies.

It should be added that the domestic car companies' previous commitment to a 60-day payment term is in response to the "Regulations on Ensuring the Payment of Small and Medium Enterprises' Funds," which will come into effect on June 1, 2025.

The regulations specify a 60-day payment period, prohibit the mandatory acceptance of commercial bills and other non-cash payment methods, and strengthen the coordinated supervision system, aiming to address the issue of delayed payments to small and medium-sized enterprises and optimize the business environment.