经观头条｜追问车企60天账期承诺：万亿票据、弹性操作、供应链金融何解

Core Viewpoint - The automotive industry in China is experiencing a significant shift towards reducing payment terms to within 60 days, initiated by several major automakers in response to long-standing issues with extended payment periods that have strained the supply chain [2][3][5]. Group 1: Industry Response - On June 10, 2023, major automakers including China FAW, Dongfeng Motor, GAC Group, and others committed to limiting supplier payment terms to 60 days, with 17 companies making similar pledges by June 13 [2]. - The collective commitment to a 60-day payment term is seen as a positive development for the automotive supply chain, which has been burdened by long payment cycles and financial strain [2][3]. - The recent commitment follows the implementation of the revised "Regulations on Payment of Small and Medium-sized Enterprises" by the State Council, mandating large enterprises to pay small and medium-sized suppliers within 60 days [5]. Group 2: Financial Implications - The average accounts payable turnover days for domestic listed automakers is projected to reach 182 days in 2024, significantly higher than that of German (40.5 days) and American (60.5 days) automakers, highlighting a deep cash flow management issue [5]. - Companies like Seres and others have a high proportion of accounts payable in their liabilities, indicating a reliance on supplier financing [6]. - In Q1 2025, the A-share passenger car industry reported a net operating cash flow of -2.376 billion yuan, the lowest in five years, indicating severe cash flow challenges [6]. Group 3: Challenges in Implementation - Many automakers have not provided clear definitions or details regarding the implementation of the 60-day payment term, raising concerns about the feasibility of this commitment [4]. - Industry experts suggest that the extended payment terms were initially a result of insufficient cash flow, and enforcing a 60-day payment term could impose significant financial pressure on automakers [4][6]. - The use of commercial acceptance bills and bank acceptance bills for payments may still prolong the actual payment timeline, despite the 60-day commitment [10][11]. Group 4: Supply Chain Dynamics - The automotive supply chain is characterized by a complex payment structure, where suppliers often face delays due to the need for goods to be inspected and invoiced before payments can be processed [11]. - The reliance on supply chain finance platforms by automakers has led to extended payment periods, as suppliers may have to wait months to receive payments [9][10]. - The potential for automakers to manipulate payment timelines through acceptance and inspection processes remains a concern for suppliers [11]. Group 5: Future Outlook - The commitment to a 60-day payment term is viewed as a necessary step towards fostering a healthier relationship between automakers and suppliers, promoting high-quality industry development [3][5]. - Experts believe that reducing payment terms could enhance cash flow for suppliers, enabling them to invest in research and development, ultimately benefiting the entire automotive ecosystem [14]. - The long-term success of the 60-day payment term will depend on effective regulatory enforcement and collaboration within the industry [12][14].