Xpeng Motors chief executive He Xiaopeng confirmed on July 12 that the company has discussed additional protocols with suppliers aimed at ensuring payments will reach them within 60 days, in response to regulatory demands. The Chinese electric vehicle maker has sent letters to some suppliers over the past week, saying it would start signing supplementary agreements with them to reduce payment cycles to less than 60 days, as reported by Chinese media outlet The Paper a day earlier. “Xpeng has formulated steps to adjust and implement its payment terms, and recently began pushing forward after repeated internal discussions in the past month,” He said in a post published on the Chinese microblogging platform Weibo, while retweeting the news from his account. Chinese regulators in March introduced new rules requiring established enterprises to settle most payments with suppliers within 60 days, effective June 1, while recently demanding automakers end a price war that has weighed heavily on the supply chain. [TechNode reporting, He Xiaopeng Weibo post, in Chinese]
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