经济观察报·2025-06-14 06:03Core Viewpoint - The automotive industry is experiencing a collective commitment from 17 major car manufacturers to limit payment terms to 60 days, which is seen as a positive step towards alleviating the long-standing issue of extended payment periods that have strained the supply chain [2][3][4]. Group 1: Industry Response and Context - The commitment to a 60-day payment term was initiated by major manufacturers like China FAW, Dongfeng Motor, and GAC Group, with many others following suit, reflecting a response to the financial pressures faced by suppliers due to prolonged payment cycles [2][3]. - The automotive market is currently facing a price war, with manufacturers attempting to transfer financial pressure onto suppliers through extended payment terms, exacerbating cash flow issues across the supply chain [2][3]. - The recent revision of the "Regulations on Payment of Funds to Small and Medium-sized Enterprises" by the State Council mandates that large enterprises must pay small and medium-sized enterprises within 60 days, influencing the industry's shift towards shorter payment terms [6][19]. Group 2: Challenges and Concerns - Despite the optimistic outlook, industry experts caution that the implementation of the 60-day payment term may face significant challenges, including unclear payment calculation methods and potential financial strain on manufacturers [4][9]. - Many manufacturers have high accounts payable turnover days, with an average of 182 days for domestic listed car companies, significantly higher than their international counterparts, indicating a deeper cash flow management issue [7][8]. - The financial structure of many car manufacturers is heavily reliant on accounts payable, with some companies like Seres having over 82% of their liabilities tied to accounts payable, raising concerns about their ability to meet the new payment commitments [7][8]. Group 3: Financial Implications - The cash flow situation for many manufacturers is precarious, with several companies reporting negative operating cash flow, which could hinder their ability to comply with the new payment terms [8][9]. - For instance, BYD's accounts payable for the first quarter of 2025 amounted to approximately 250.77 billion yuan, and if payment terms are shortened to 60 days, they would need to pay around 125 billion yuan to suppliers, creating a significant cash flow challenge [8]. - The reliance on financial instruments like commercial acceptance bills and bank acceptance bills for payments could further complicate the situation, as these methods often extend the actual payment period beyond the stated 60 days [12][14]. Group 4: Future Outlook and Strategies - Industry experts suggest that manufacturers may need to negotiate phased adjustments to payment terms with suppliers and optimize internal settlement processes to effectively implement the 60-day payment commitment [18][19]. - The potential for improved cash flow and reduced financial strain on suppliers could lead to a healthier supply chain ecosystem, benefiting both manufacturers and their suppliers in the long run [19][20]. - The overall goal is to enhance the quality of development within the automotive industry, moving away from a focus on volume growth towards a more sustainable and collaborative approach [19][20].