During China's State Council's executive meeting, it was proposed that efforts should be put in promoting high-quality development in the new energy vehicle (NEV) industry and addressing irrational competition in the sector.

In order to further regulate the competitive order in the NEV industry, Guangdong and Anhui, the two major automotive manufacturing provinces in China, intend to take steps to improve product quality management, fulfill payment term commitments, optimize supplier loan payment processes, and strengthen industry self-discipline, according to the Securities Times.

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Specifically, the report quoted relevant departments in Guangdong as saying that the Action Plan for Developing Strategic Pillar Industry Clusters in the Automotive Sector and the Implementation Plan for the Strong Chain Project in the Automotive Components Industry released by the province aim to encourage collaborative innovation between vehicle and component enterprises.

The plans are intended to guide companies like GAC GROUP (02238.HK)  +0.030 (+0.923%)    Short selling $5.97M; Ratio 5.679%   (601238.SH)  -0.020 (-0.257%)   , BYD COMPANY (01211.HK)  -3.600 (-2.725%)    Short selling $1.37B; Ratio 36.880%   (002594.SZ)  -6.460 (-1.885%)   , and XPENG-W (09868.HK)  -0.300 (-0.395%)    Short selling $294.29M; Ratio 14.803%   (XPEV.US)      in committing to "supplier payment terms not exceeding 60 days", promoting win-win cooperation between vehicle enterprises and upstream suppliers.
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