BEIJING (Reuters) -China’s industry ministry on Wednesday opened an online channel for complaints about automakers’ pledges to make timely supplier payments, saying it will coordinate with relevant parties to help with solutions. Last month, major Chinese automakers including BYD, Chery, SAIC and Xiaomi vowed to make payments to suppliers within 60 days, as the backlash […]
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China opens online channel for complaints on automakers’ supplier payments
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BEIJING (Reuters) -China’s industry ministry on Wednesday opened an online channel for complaints about automakers’ pledges to make timely supplier payments, saying it will coordinate with relevant parties to help with solutions.
Last month, major Chinese automakers including BYD, Chery, SAIC and Xiaomi vowed to make payments to suppliers within 60 days, as the backlash to a punishing price war mounts.
The ministry will move to regulate the industry’s settlements and payments as part of efforts to “promote the healthy and sustainable development of the automobile industry,” it said in a statement.
(Reporting by Qiaoyi Li and Brenda Goh; Editing by Christian Schmollinger)