17 auto companies actively responded to the China Association of Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automobile Automo
Recently, the China Association of Automobile Manufacturers (China Association of Automobile Manufacturers) issued the "Automotive Industry Account Payment Self-Discipline Initiative", calling on auto companies to standardize supply chain account payment behavior and protect the legitimate rights and interests of upstream and downstream enterprises. As of press time, there are already17 mainstream car companiesIt openly responds to the initiative, covering state-owned, private and new power brands, and has attracted widespread attention from the industry.
1. The background and core content of the initiative
Data from the China Association of Automobile Manufacturers shows that the accounts receivable cycle of the automobile industry will be extended by 15% year-on-year in 2023, and some suppliers are facing cash flow pressure. This initiative clearly puts forward three core requirements:
| Terms | Specific requirements | Implementation standards |
|---|---|---|
| Accounts cycle | The payment period shall not exceed 60 days. | Ministry of Industry and Information Technology's "Regulations on Guaranteeing Payment of Funds for Small and Medium Enterprises" |
| Overdue processing | Overdue payments must be compensated at 0.5‰ per day | Not less than 1.5 times the LPR interest rate |
| Use of bills | The commercial bill of exchange shall not exceed 6 months | It is strictly forbidden to extend the payment cycle in disguise |
2. Respond to the list of car companies and the details of commitments
The first batch of responding companies include multiple market entities, of which 47% are new energy vehicle companies:
| Types of car companies | Representative of the enterprise | Commitment highlights |
|---|---|---|
| State-owned Group | SAIC, Dongfeng, Changan | Establish a supply chain financial support fund |
| Private car companies | Geely, Great Wall, BYD | Online electronic payment system real-time settlement |
| New forces | NIO, Ideal, Xiaopeng | Supplier classification shortens the accounting period of high-quality partners |
| Foreign-funded brands | Tesla China, Volkswagen China | Synchronize global supply chain management standards |
3. Industry impact data analysis
According to third-party organizations' assessment, this initiative will directly affect more than 20,000 suppliers:
| index | Current status | Expected improvement |
|---|---|---|
| Average accounting period | 92 days | Shortened to within 65 days |
| Overdue Rate | 34.7% | Decreased to below 20% |
| Financing Cost | Annualization of 8-12% | Reduce by 3-5 percentage points |
4. Expert interpretation and industry trends
Li Yan, a member of the Expert Committee of the China Automobile Dealers Association, said: "This initiative has three breakthrough significances: First, the industry-wide payment convention was formed for the first time, the second was to establish quantitative compensation standards, and the third was to integrate the ESG concept into supply chain management." It is worth noting that in response to the positive performance of new energy companies in the car companies, Ideal Auto even promised to implement a "weekly settlement" mechanism for core suppliers.
5. Extended observation: International comparison
Compared with the accounting management practices of major global automobile markets, Chinese auto companies are accelerating their compliance with international standards:
| area | Average accounting period | Regulatory requirements |
|---|---|---|
| EU | 30-60 days | Overdue interest shall not be lower than 8% of the benchmark interest rate |
| North America | 45-75 days | Credit insurance coverage rate reaches 85% |
| Japan | 60-90 days | Joint guarantee system for consortium banks |
The rapid implementation of this initiative marks a key step in the transformation of China's automobile industry from scale competition to ecological coordination. With more car companies joining, it is expected that by the end of 2024, the industry's account overdue rate is expected to drop by 40%, releasing more financial vitality for supply chain technology innovation.
check the details
check the details
en
