BYD and Zhejiang Geely Holding Group joined several of China’s government-backed automakers in a pledge to standardize bill payment for their suppliers to 60 days as authorities’ scrutiny of the industry’s health shifts to supply chain financing.
At least three carmakers, including Dongfeng Motor Group, Guangzhou Automobile Group and China FAW Group issued similar statements on Tuesday saying their payment plans are aimed at promoting efficient capital flows across supply chains in the automotive industry. That was followed by other major industry names including Chongqing Changan Automobile and Great Wall Motor, which also vowed to conform to the 60-day payment period.
Rounding out the flurry of pledges were U.S.-listed startup Nio, XPeng, Li Auto and Stellantis NV’s partner Zhejiang Leapmotor Technology. Domestic tech giant Xiaomi, which just launched its first model last year, also agreed to the standardized period.
“Leapmotor has always maintained 60-day payment period to suppliers,” Vice President Li Tengfei said at a company event in Hong Kong on Wednesday. The carmaker will “continue to work with suppliers for win-win cooperation,” he said.
China’s auto industry, the world’s biggest, has found itself facing increasing government scrutiny after an extended domestic price war pushed some manufacturers to the brink.
The country’s carmakers have been seeking lower-cost components and delaying payments to suppliers by months, creating a form of quasi-debt financing. Regulators including the Ministry for Industry and Information Technology last week addressed the issue of supply chain financing with the heads of major electric vehicle manufacturers on concerns the price war was becoming unsustainable.
Chinese authorities issued new rules in March to protect small and medium enterprises, stipulating that bills should be paid within 60 days — the industry norm — and that large firms shouldn’t force smaller businesses to accept non-cash payments such as promissory notes or use these methods to delay payments. The regulations will take effect in June.
Chinese auto parts stocks rose, with Morgan Stanley describing the move as positive as shorter accounts receivable period can bring better cash flow and lower provision cost. Chinese auto supplier accounts receivable days were generally longer than 100 in 2024, analysts including Shelley Wang wrote in a note.
Extended payment cycles are a feature of China’s auto sector, with periods far outstripping industry norms in other parts of the world. BYD took an average of 275 days to pay suppliers in 2023, Bloomberg compiled data show.
Supply chain financing is also common in the auto industry. BYD, China’s best-selling car brand, has a promissory note system called Dilian, or Dilink in English, that it uses as a form of payment to its suppliers and can be redeemed at a later time. The platform had issued 400 billion yuan ($56 billion) worth of notes as of May 2023, the last time that BYD disclosed such information.
A report by accounting consultancy GMT Research puts BYD’s true net debt at closer to 323 billion yuan, compared with the 27.7 billion yuan listed on its books as of the end of June 2024, through delaying its payments to suppliers and other related financing.
The grand military parade that President Donald Trump had been wanting for eight years kicked off Saturday with tanks, troops and a 21-gun salute, playing out against the counterpoint of protesters around the country who decried the U.S. leader as a dictator and would-be king.
The Republican president, on his 79th birthday, sat on a special viewing stand south of the White House to watch the display of American military might, which began early as light rain fell and dark clouds loomed. It’s a procession Trump tried to make happen in his first term after seeing such an event in Paris in 2017, but the plans never came together until this year, when it was added to an event recognizing the Army’s 250th anniversary.
Hours before the parade was set to start, demonstrators turned out in streets and parks around the nation to decry the Republican president as a dictator or would-be king.
They criticized Trump for using the military to respond to those protesting his deportation efforts and for sending tanks, thousands of marching troops and military aircraft out for a show in the U.S. capital.
In Washington, anti-war protesters unfurled signs that said “Homes not drones” not far from a display of armored vehicles, helicopters and military-grade equipment on the National Mall set up to commemorate the Army’s birthday. Vendors outside the festival sold gear marking the military milestone. Others hawked Trump-themed merchandise.
A military parade commemorating the Army’s 250th anniversary, coinciding with President Donald Trump’s 79th birthday, Saturday.
Stephanie Scarbrough—AP Photo
Doug Haynes, a Navy veteran who voted for Trump, attended the daylong festival to celebrate the Army’s 250th birthday, but said that the parade scheduled for later “was a little over the top.”
Pointing at a nearby tank, Haynes said that having them roll down the street is a “very bold statement to the world, perhaps.”
The military procession was set to step off from the Lincoln Memorial later Saturday, under the threat of stormy weather and to the accompaniment of protests elsewhere in the city.
Trump brushed off the possibility of both disruptions, with a social media post Saturday morning that said the “great military parade” would be on “rain or shine.” The protests, he said earlier, “will be met with very big force.” Hours ahead of the parade, crowds of protesters with anti-Trump signs marched toward the White House, escorted by police vehicles and officers on bicycles. Some held a giant banner that read: “TRUMP MUST GO NOW.”
The parade was added just a few weeks ago to the planned celebration of the Army’s birthday and has drawn criticism for its price tag of up to $45 million and the possibility that the lumbering tanks could tear up city streets. The Army has taken a variety of steps to protect the streets, including laying metal plates along the route.
About 6 in 10 Americans said Saturday’s parade was “not a good use” of government money. The vast majority of people, 78%, said they neither approve nor disapprove of the parade overall, according to a poll from The Associated Press-NORC Center for Public Affairs Research.
The National Anthem is performed as President Donald Trump attends a military parade commemorating the Army’s 250th anniversary on Saturday.
Julia Demaree Nikhinson—AP Photo
The daylong display of America’s Army comes as Trump has shown his willingness to use the nation’s military might in ways other U.S. presidents have typically avoided. In the last week, he has activated the California National Guard without the governor’s permission and dispatched the U.S. Marines to provide security during Los Angeles protests related to immigration raids, prompting a state lawsuit to stop the deployments.
He similarly sought to project military strength during his first presidential term, saying in 2020 that he wanted forces to “dominate” the streets following racial justice protests that turned violent and warning governors that he was prepared to send in active-duty fighters if they did not call out the National Guard in their states.
Earlier this week, Trump raised eyebrows during a speech at Fort Bragg when members of the 82nd Airborne Division, who were directed to stand behind Trump, booed and cheered during his incendiary remarks, including condemnation of his predecessor, Joe Biden. There also was a pop-up “Make America Great Again” merchandise stand nearby selling souvenirs to troops in uniform.
The Defense Department has a doctrine that prohibits troops from participating in political activity while in uniform. Members of Congress and military leaders have expressed concerns about the political displays during the speech at Fort Bragg.
Saturday’s pageantry was designed to fulfill Trump’s expressed desire for a big parade that he tried to get done in his first term after seeing one in Paris on Bastille Day in 2017. Trump said after watching the two-hour procession along the famed Champs-Élysées that he wanted an even grander one in Washington.
The parade will wind down Constitution Avenue, lined with security fencing and barriers. Army helicopters and aircraft will fly above, and the march will be capped off by a parachute jump, a concert featuring “God Bless the U.S.A.” singer Lee Greenwood and fireworks.
Soldiers walking along Constitution Ave., on the National Mall ahead of a parade commemorating the Army’s 250th anniversary on Saturday.
Pablo Martinez Monsivais—AP Photo
It remained unclear whether any protests would disrupt the parade, though several hundred demonstrators assembled in the hours before. Officials have said they had no indication of any security threat.
“No Kings” rallies — organizers picked the name to support democracy and speak out against what they call the authoritarian actions of the Trump administration — unfolding in hundreds of cities — were meant to counter what organizers say are Trump’s plans to feed his ego on his 79th birthday and Flag Day.
Ahead of a rally and march toward the White House on Saturday afternoon, about 200 protesters assembled in northwest Washington’s Logan Circle and handed out signs and danced to upbeat music from a local street band, including “This Land Is Your Land.”
The mood was celebratory as the group chanted “Trump must go now” before erupting in cheers.
A larger-than-life puppet of Trump was wheeled through the crowd, a caricature of the president wearing a crown and sitting on a golden toilet.
Other protesters waved pride flags and hoisted signs, some with pointed messages such as “I prefer crushed ICE,” referring to the Immigration and Customs Enforcement agency. Other messages were: “The invasion was HERE Jan. 6th, NOT in L.A.” and “Flip me off if you’re a FASCIST.”
With rain expected, there was a chance the parade could be interrupted by thunderstorms.
The Army expects as many as 200,000 people could attend the festival and parade.
The parade is set to begin at 6:30 p.m. EDT, but parts of it — including the horse-drawn caissons and other units — start at the Pentagon, head over a bridge and meet up with some of the heavier tanks and equipment. Officials did not want the more-than-60-ton M1A1 Abrams tanks and Stryker vehicles crossing the bridge.
Timed down to the minute, the march will be divided into sections by history — with equipment and troops in full dress from each period.
It will include a total of 6,169 soldiers and 128 Army tanks, armored personnel carriers and artillery, while 62 aircraft fly overhead.
At the end of the parade, Trump will swear in 250 new or reenlisting troops, and the Army’s Golden Knights parachute team will jump onto the Mall. That will be followed by a concert and fireworks.
The Trump administration directed immigration officers to pause arrests at farms, restaurants and hotels, after President Donald Trump expressed alarm about the impact of aggressive enforcement, an official said Saturday.
The move follows weeks of increased enforcement since Stephen Miller, White House deputy chief of staff and main architect of Trump’s immigration policies, said U.S. Immigration and Customs Enforcement officers would target at least 3,000 arrests a day, up from about 650 a day during the first five months of Trump’s second term.
Tatum King, an official with ICE’s Homeland Security Investigations unit, wrote regional leaders on Thursday to halt investigations of the agricultural industry, including meatpackers, restaurants and hotels, according to The New York Times.
A U.S. official who was not authorized to comment publicly and spoke on condition of anonymity confirmed to The Associated Press the contents of the directive. The Homeland Security Department did not dispute it.
“We will follow the President’s direction and continue to work to get the worst of the worst criminal illegal aliens off of America’s streets,” Tricia McLaughlin, a Homeland Security spokesperson, said when asked to confirm the directive.
The shift suggests Trump’s promise of mass deportations has limits if it threatens industries that rely on workers in the country illegally. Trump posted on his Truth Social site Thursday that he disapproved of how farmers and hotels were being affected.
“Our great Farmers and people in the Hotel and Leisure business have been stating that our very aggressive policy on immigration is taking very good, long time workers away from them, with those jobs being almost impossible to replace,” he wrote. “In many cases the Criminals allowed into our Country by the VERY Stupid Biden Open Borders Policy are applying for those jobs. This is not good. We must protect our Farmers, but get the CRIMINALS OUT OF THE USA. Changes are coming!”
While ICE’s presence in Los Angeles has captured public attention and prompted Trump to deploy the California National Guard and Marines, immigration authorities have also been a growing presence at farms and factories across the country.
Farm bureaus in California say raids at packinghouses and fields are threatening businesses that supply much of the country’s food. Dozens of farmworkers were arrested after uniformed agents fanned out on farms northwest of Los Angeles in Ventura County, which is known for growing strawberries, lemons and avocados. Others are skipping work as fear spreads.
ICE made more than 70 arrests Tuesday at a food packaging company in Omaha, Nebraska. The owner of Glenn Valley Foods said the company was enrolled in a voluntary program to verify workers’ immigration status and that it was operating at 30% capacity as it scrambled to find replacements.
Tom Homan, the White House border czar, has repeatedly said ICE will send officers into communities and workplaces, particularly in “sanctuary” jurisdictions that limit the agency’s access to local jails.
Sanctuary cities “will get exactly what they don’t want, more officers in the communities and more officers at the work sites,” Homan said Monday on Fox News Channel. “We can’t arrest them in the jail, we’ll arrest them in the community. If we can’t arrest them in community, we’re going to increase work site enforcement operation. We’re going to flood the zone.”
A 57-year-old man who has been named as a suspect in the shooting of two Minnesota lawmakers worked at a private-security company that says he has been involved in “security situations” around the world, including in the Middle East, Europe and Africa. The suspect remains at large, and a manhunt is underway across the Minneapolis area.
The suspect in the shooting of two Minnesota lawmakers on Saturday worked at a private-security company that claims he has experience around the world.
State Rep. Melissa Hortman, 55 years old, and her husband were shot and killed in their Brooklyn Park home. Elsewhere in Champlin, state Sen. John Hoffman, 60, and his wife were also shot at home and are recovering after undergoing surgery. Gov. Tim Walz described the shooting as “an act of targeted political violence.”
State authorities said they are looking for 57-year-old Vance Boelter, who remains at large with a manhunt underway across the Minneapolis area.
According to the website for his company Praetorian Guard Security Services, Boelter is listed as director of security patrols, while his wife is listed as president and CEO.
“Dr. Vance Boelter has been involved with security situations in Eastern Europe, Africa, North America and the Middle East, including the West Bank, Southern Lebanon and the Gaza Strip,” the site says. “He brings a great security aspect forged by both many on the ground experiences combined with training by both private security firms and by people in the U.S. Military.”
Another member of Praetorian’s leadership team includes a security training manager who is described as a retired undercover officer.
The company didn’t immediately respond to a request for comment.
Law enforcement officials said a dark SUV with police lights was parked at Hortman’s home when they responded to the shooting, adding that a man dressed like a police officer was inside and opened fire on Brooklyn Park police officers before fleeing.
Praetorian’s website also says Boelter has worked for “the world’s largest food company based in Switzerland and the world’s largest convenience retailer based in Japan.”
That appears to align with a LinkedIn profile with Boelter’s name and photo that includes prior jobs as a supervisor at Nestle and a 7-Eleven general manager.
It doesn’t mention Praetorian Guard or any prior military experience, but lists his current job as CEO of Red Lion Group in the Democratic Republic of Congo.
The Minnesota Star Tribune cited an online video from two years ago that appears to show Boelter preaching in Congo and telling a congregation, “I met Jesus when I was 17 years old and I gave my life to him.”
The LinkedIn page also says Boelter has a doctorate in leadership and a master of science in management from Cardinal Stritch University. It says he has a bachelor’s degree in international relations from St. Cloud State University.