汽车业“反内卷”第一刀落下

Core Viewpoint - Multiple Chinese automotive companies have committed to reducing payment terms to suppliers to no more than 60 days, aiming to alleviate financial pressure on suppliers and promote healthier industry practices amid government scrutiny of "involution" in the automotive sector [1][4][6]. Group 1: Industry Response - As of June 10, major automotive companies including China FAW, Dongfeng Motor, and BYD have announced their commitment to a maximum payment term of 60 days for suppliers, with 17 key automotive manufacturers participating in this initiative [4][5]. - The commitment is seen as a proactive measure to maintain a stable market economy and improve the efficiency of the supply chain [4][5]. - Companies like BAIC Group and SAIC Group have gone further by eliminating unreasonable settlement methods, such as commercial acceptance bills, to ease cash flow pressures on smaller suppliers [5][6]. Group 2: Financial Context - The automotive industry is facing declining profit margins, with the profit rate dropping from 7.8% in 2017 to 4.3% in 2024, and further declining to 3.9% in the first quarter of 2025 [6][8]. - Despite record production and sales figures, the industry is experiencing a significant drop in profitability, exacerbated by aggressive pricing strategies and a high average accounts receivable period of 70.3 days [6][9]. - The average payment period for 16 listed automotive companies is reported to be as high as 182 days, with some companies like BYD and NIO exceeding 250 and 300 days respectively [10][11]. Group 3: Market Dynamics - The ongoing "price war" among automotive companies has led to a detrimental cycle affecting the entire supply chain, with suppliers facing increased pressure to lower prices [9][10]. - Industry experts emphasize the need for a shift from price competition to value-based competition, highlighting the risks associated with prioritizing low prices over quality [8][12]. - The government's recent regulatory measures, including the new payment regulations for large enterprises, aim to curb the negative impacts of "involution" and promote a healthier competitive environment [6][12][13]. Group 4: Future Outlook - The automotive industry is encouraged to focus on technological innovation and quality improvement rather than engaging in destructive price competition, as highlighted by industry leaders [14][15]. - The commitment to a 60-day payment term is viewed as a significant step towards restructuring relationships within the supply chain and fostering a more sustainable industry environment [8][12].