HONG KONG (Reuters) – China’s BYD said on Monday it would actively respond to an industry initiative that fleshes out rules on automakers making timely payments to suppliers, joining others in complying with a government call against price wars.

The Chinese electric vehicle giant said it will focus on order confirmation, delivery and acceptance, payment and settlement, and contract duration among other key links in ensuring timely payments.

The statement and similar pledges by major Chinese automakers including SAIC Motor, Changan, Chery and Xiaomi followed an initiative by China’s Association of Automobile Manufacturers earlier in the day.

The CAAM proposal addresses concerns over potential loopholes in honouring an industrywide commitment in June to make supplier payments within 60 da

See Full Page