In a brief post on China’s WeChat messaging platform, the world’s biggest EV maker BYD last June made a commitment with a big effect on its balance sheet.
The world’s biggest EV maker vowed to start paying its suppliers within 60 days — a direct response to Beijing’s crackdown on auto groups’ ill treatment of component suppliers, who had been squeezed during the electric vehicle boom of the previous five years.
BYD’s promise is now seen as a watershed moment for the company, its tens of thousands of suppliers and the investors trying to assess its financial health. It comes as the Shenzhen-based Tesla rival embarks on a multibillion-dollar assault on overseas markets amid a domestic sales slowdown.
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