Chinese carmakers’ price war is putting the industry’s balance sheet under strain, a Financial Times analysis has revealed, as Beijing demands more action to protect suppliers in the world’s largest car market.
Current liabilities exceeded current assets at more than a third of publicly listed car manufacturers at the end of last year, according to FT calculations based on their most recent financial reports.
The weakening liquidity picture highlights how China’s leading carmakers are being forced to squeeze suppliers to maintain working capital and fund their fight for market share amid heavy discounting.
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