Chery Automaker Expedites Supplier Payments to 47 Days

Chinese automaker Chery has reduced the average payment period to suppliers to 47 days, easing financial pressures. This follows China's industry ministry announcement to address delayed payments by automakers, who had promised to settle dues within 60 days.

Chinese automaker Chery has announced a significant reduction in its payment period to suppliers, now averaging just 47 days. This initiative aims to alleviate financial strain on suppliers and demonstrate Chery's commitment to timely financial practices.

This adjustment comes in the wake of a directive from China's industry ministry. In July, the ministry stated it would begin accepting formal complaints from auto suppliers if leading Chinese automakers fail to meet agreed payment deadlines.

Earlier in the year, several major auto manufacturers had pledged to make payments within a 60-day period, underscoring the sector's commitment to improving financial reliability.

(With inputs from agencies.)