Reported about 11 hours ago
The Chinese government is responding to the intense price competition in its electric vehicle market, which has led to concerns about oversupply and unsustainable practices among manufacturers. Leading automaker BYD recently faced criticism for significant price cuts, prompting industry officials to urge for fair competition and strategic development. In a bid to stabilize the market and avoid an 'Evergrande-like' situation, the government has encouraged quicker payment terms for suppliers, aiming to reduce financial pressure and curb the ongoing price wars affecting many companies.
Source: YAHOO