SHANGHAI: Some Chinese suppliers to state-owned Chongqing Changan Automobile have written to the automaker after it cut their payments by 10 per cent, saying they were unfairly being forced to pay for the industry's bruising price war. The suppliers said Changan, which also has partnerships with Ford Motor
SHANGHAI: Some Chinese suppliers to state-owned Chongqing Changan Automobile have written to the automaker after it cut their payments by 10 per cent, saying they were unfairly being forced to pay for the industry's bruising price war.
More than 40 brands have cut prices in China since January after an initial move by Tesla in a fight for market share as car demand slumps, with the ripples spreading through the wider industry. Reuters confirmed with two supplier sources familiar with the matter that the letter addressed to Changan's procurement department was sent to the company.
Zhejiang Tongxing Technology, a vehicle air conditioning systems manufacturer, said in its IPO prospectus earlier this year that Changan Automobile Group was among clients who had asked for lower prices last year.In the letter, the suppliers said they wanted Changan to reverse the decision, which they said was prompting other automakers to follow suit and ignored the companies' years of work to support the auto industry.
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