On September 15, news broke that the China Association of Automobile Manufacturers (CAAM) had recently unveiled the 'Initiative on Standardizing Supplier Payment Practices for Automobile OEMs.' This initiative has garnered positive responses and strong support from relevant national authorities, notably the Ministry of Industry and Information Technology.

The initiative meticulously outlines standardized payment terms within procurement contracts between Original Equipment Manufacturers (OEMs) and their suppliers. It covers crucial stages such as order confirmation, delivery and acceptance, payment and settlement processes, as well as contract duration. Its primary objective is to facilitate the effective implementation of the 'Regulation on Ensuring Payments to Small and Medium-Sized Enterprises' within the automotive sector. By doing so, it aims to cultivate a collaborative and mutually beneficial development ecosystem between OEMs and their parts suppliers.

Leapmotor has expressed its firm commitment to adhering to the stipulations of relevant regulations. The company will actively respond to the initiative through concrete actions, thereby ensuring the stability of both industrial and supply chains. Moreover, Leapmotor is dedicated to fostering a favorable supplier ecosystem, recognizing the importance of nurturing strong and sustainable partnerships within the automotive industry.