BEIJING/SHANGHAI : China's Chongqing Changan Automobile, in a statement sent to Reuters on Wednesday, denied allegations reported in local media that it had arbitrarily cut payments to suppliers by 10 per cent. The state-owned automaker said it was normal to negotiate prices regularly with suppliers due t
BEIJING/SHANGHAI : China's Chongqing Changan Automobile, in a statement sent to Reuters on Wednesday, denied allegations reported in local media that it had arbitrarily cut payments to suppliers by 10 per cent.
The state-owned automaker said it was normal to negotiate prices regularly with suppliers due to changes in raw material costs, demand, and supply and product innovations. It also denied it had received a letter from suppliers complaining about cutting payments to them. Some suppliers to Changan 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, according to screenshots of a letter first circulated on Chinese social media late on Monday.
Reuters confirmed with two supplier sources familiar with the matter that the letter addressed to Changan's procurement department was sent to the company. One of the sources said the amount by which Changan was asking suppliers to reduce their prices varied, with some bigger suppliers asked to absorb cuts of less than 10 per cent.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
China's Changan suppliers push back against forced payment cutsSHANGHAI: 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
Read more »
China, Russia conduct air patrol over Sea of Japan, East China SeaBEIJING — China and Russia conducted joint air force patrols over the Sea of Japan and the East China Sea on Tuesday (June 6), as South Korea said it had deployed fighter jets in response to warplanes near its airspace.
Read more »
China's May imports to fall again, exports slip into redBEIJING : China's imports are expected to have contracted in May, despite a low base last year as a lockdown in Shanghai brought the country's biggest port to a standstill, while exports likely fell for the first time in three months, a Reuters poll showed.Inbound shipments to the world's second-largest e
Read more »
China sets out proposals to prepare for massive renewables pushThey include proposals to prevent blackouts and create more flexible pricing. Read more at straitstimes.com.
Read more »
13-year-old girl in China splurges $86k on mobile games, wipes out family's savingsMany youths enjoy playing mobile games but one teen's spending on such apps went out of control. A 13-year-old girl from Henan, China, was recently caught splurging 449,500 yuan (S$86,000) on mobile games, wiping out her family savings in just four months. The teen found her mum's debit card at home and used it to fund her gaming addiction, reported...
Read more »
China's May imports to fall again, exports slip into red: Reuters pollBEIJING : China's imports are expected to have contracted in May, despite a low base last year as a lockdown in Shanghai brought the country's biggest port to a standstill, while exports likely fell for the first time in three months, a Reuters poll showed.Inbound shipments to the world's second-largest e
Read more »