车企账期承诺：薛定谔的“60天”

Core Viewpoint - The automotive supply chain is under significant pressure due to prolonged payment terms, with 17 automakers committing to a 60-day payment period, raising questions about the effectiveness of this solution in alleviating supply chain stress [1][5]. Summary by Sections Payment Terms and Supply Chain Pressure - The accounts receivable in the automotive parts industry have been increasing significantly since 2014, with some companies seeing a tenfold increase over a decade [1]. - Major automakers like BYD, Great Wall, and SAIC have accounts payable turnover days of 145, 153, and 177 days respectively, which is notably higher than companies like Tesla and General Motors [1]. - The extended payment terms allow automakers to engage in price wars, shifting financial pressure onto suppliers who face increasing operational challenges [1]. Implementation of the 60-Day Commitment - The 60-day payment commitment does not guarantee that suppliers will receive payments within this timeframe, as it often refers to the issuance of promissory notes rather than cash payments [2]. - The payment process is fragmented, and suppliers may still face delays in receiving actual cash, especially if payments are made via commercial acceptance bills [2][3]. - Cash payments are preferred by suppliers, but most automakers typically use acceptance bills, which prolong the payment cycle [2]. Impact on Suppliers and Industry Dynamics - The implementation of commercial acceptance bills can exacerbate the financial strain on smaller suppliers, as these bills often require further processing before cash is received [3]. - The recent regulations aimed at protecting small and medium enterprises prohibit forcing them to accept non-cash payment methods, yet many automakers still rely on these methods [3]. - The automotive industry is experiencing a downward pressure on prices, with steel manufacturers reporting that automakers are demanding price reductions exceeding 10%, which is unsustainable for suppliers [6]. Future Outlook and Industry Culture - The ongoing price wars and extended payment terms indicate that the internal competition within the automotive industry remains unresolved, with pressure cascading down the supply chain [5][7]. - There is a call for a shift in industry culture towards mutual respect and transparency between automakers and suppliers, emphasizing the need for sustainable practices and fair pricing [8][9].