BYD shifts away from in-house payment system that strained suppliers, sources say [Yahoo! Finance]
BYD CO LTD UNSP/ADR (BYDDY)
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Source: Yahoo! Finance
the matter said - a seismic shift away from a practice that helped power its rise but has been criticised for disadvantaging its parts makers. BYD, one of the world's biggest electric vehicle makers, now wants to use commercial paper or ?bank notes to pay suppliers rather than promissory notes issued on Dilian, an electronic platform it launched in 2018, the people said. Reuters was unable to learn the scope of the shift and the sources, who declined ?to be named due to the sensitivity of the topic, did not provide a reason for the change. But a brutal price war in the Chinese auto industry has battered parts suppliers who have complained about increasingly long periods before being paid and pressure from automakers to cut prices. That in turn ?has prompted authorities to issue new rules that seek to greatly shorten payment times and improve industry practices. DILIAN NOT DIRECTLY REGULATED China-focused Auto Business Review also reported last week that BYD has, over the past
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