账期从170天降到60天，车企迎资金“大考”？

Core Viewpoint - Starting from June 10, 17 leading automotive companies announced a unified payment term for suppliers, limiting the payment cycle to within 60 days, which contrasts with the current average payment terms exceeding 170 days for many domestic car manufacturers [1][2] Group 1: Payment Terms and Accounts Payable - The average accounts payable turnover days for 12 car companies is 170 days, with the longest being BAIC Blue Valley at 248 days and Xpeng Motors at nearly 233 days [1] - The total accounts payable for the 12 companies exceeds 1.1 trillion yuan, with BYD, SAIC Group, and Geely Holding leading at 244 billion yuan, 241 billion yuan, and 182 billion yuan respectively [1] - The average accounts payable as a percentage of revenue for these companies is over 40%, with 11 out of 12 companies exceeding 30%, and some like Chery and NIO reaching around 50% [1][2] Group 2: Impact on Suppliers - Automotive manufacturers' long payment terms allow them to improve cash flow and reduce reliance on external financing, effectively transferring financial risks to suppliers [2][3] - The automotive industry significantly impacts the steel industry, as it is a major consumer of high-end steel products, and the pressure from car manufacturers to lower prices has strained suppliers [2][3] Group 3: Financial Health and Debt Levels - The average debt-to-asset ratio in the automotive industry is 66.32%, which is higher than most manufacturing sectors, with companies like NIO and Seres having ratios above 87% [4] - High debt levels are attributed to the significant capital requirements for expansion and the transition to new energy vehicles, with many companies still not generating sufficient returns in this area [4]