BYD: who puts up the money before the French driver pays?

From springs made in China to a car returned at the end of its lease, the funding changes hands several times. Public accounts and contract terms reveal the handovers and the risks still to be allocated.

A BYD DOLPHIN SURF Boost electric car is advertised in France at €219 a month in November 2026. The offer fits neatly into a headline. Behind it sit several businesses that have already committed money: making components, assembling the car, shipping it, holding inventory and financing just over four years of use. The driver joins a chain of cash advances that began much earlier. ¹²

To understand who finances the car, follow two things: the vehicle and the claim to payment. Sometimes they move together. Often their timetables diverge. A supplier may have delivered its springs while still holding a promise of future payment. A dealer may sell the car to a finance business that leases it to the driver. After the final rental payment, there will still be a vehicle to sell.

Public documents illuminate these handovers. BYD’s accounts at 30 September 2026 show a sharp rise in inventory, changes in payment instruments and positive operating cash flow. A Chinese stock exchange filing offers a view from one supplier. The French advertisement provides a rental schedule. Some of the contracts connecting these pieces remain private. This investigation reconstructs the documented mechanisms. Tracing an identified car from its factory to a French home would require private contracts. ¹⁴¹²

The journey ties up capital

Financing starts before the sale. A component on a production line, a car at sea and a vehicle waiting at a dealership all represent money committed to the business. Working capital is the funding tied up in this operating cycle: inventories and amounts owed by customers absorb resources, while supplier credit and some customer advances provide them. The length of the commercial journey matters alongside the number of vehicles travelling through it.

At 30 September 2026, BYD reported RMB221.6 billion of inventory, up from RMB138.4 billion at the end of 2025. The company attributed most of the increase to its overseas automotive business. Its half-year report had already disclosed inventory turnover of approximately 109 days in the first half of 2026, against 79 days in the first half of 2025, citing international expansion and lengthy sea transport among the reasons. That is the company’s explanation. The 109-day measure covers consolidated inventory under its own calculation method; it tells us little about the crossing time of an individual car. ¹¹²

The scope matters from the outset. BYD’s accounts include activities beyond cars, including electronics. The accounts follow China’s Accounting Standards for Business Enterprises (ASBE). The figures cover the worldwide group in renminbi, and the 2026 interim accounts are unaudited. Applying them directly to the French dealership network would create false precision. They can, however, show the financial effort being made by the group expanding that network. ¹²

The cash picture contains an instructive contrast. From January to September 2026, operations generated RMB54.5 billion, compared with RMB40.8 billion in the same nine months of 2025. Yet cash and cash equivalents in the cash-flow statement fell from RMB68.4 billion at the start of the period to RMB29.8 billion at its end. Net investing and financing outflows, together with exchange-rate movements, more than absorbed the operating inflow. The waterfall below reconciles the two balances exactly. ¹

Method and scope

The waterfall uses whole-CNY cash-flow statement amounts: opening 68,395,197,000; operating +54,469,572,000; net investing −68,857,389,000; net financing −23,081,574,000; foreign-exchange effect −1,144,273,000; closing 29,781,533,000. Positions and dimensions are proportional; visible labels are rounded to three decimals in billions. The scope covers every business and geography in the group, under PRC Accounting Standards for Business Enterprises, in unaudited interim statements. This accounting definition of cash and cash equivalents is separate from other financial assets and does not measure total funding capacity. Operating cash flow already includes receipts and payments in the business cycle: changes in supplier obligations cannot be added again as new cash resources.

The chart uses a specific accounting category. Other financial assets appear on the balance sheet and require a separate assessment of liquidity, risk and availability. The RMB29.8 billion balance therefore cannot represent the group’s entire financial capacity. Operating cash flow already records collections from customers and payments to suppliers: trade credit is embedded in it. ¹¹³

One conclusion survives a careful reading. BYD is funding an expansion that ties up more capital while continuing to generate cash from operations. To understand how that advance is shared, the next useful perspective is a supplier’s.

The supplier’s time has a price

An unusually useful account comes from 华纬科技, a Chinese spring manufacturer listed in Shenzhen under stock code 001380. In a response to the exchange released on 30 June 2026, it described BYD’s payment terms: one to two months of commercial credit after invoicing, with settlement through DiChain instruments with maturities of two to six months, or through bank acceptances. Those terms describe stages in the payment process. Simply adding the two ranges would manufacture an average collection delay that the filing does not measure. ⁴

The filing describes DiChain as an electronic receivable certificate. Its holder has a claim payable on a specified date. The supplier can retain it until maturity, transfer it to another supplier willing to accept it, or obtain financing against it. Factoring turns the receivable into available cash under a contract and at a cost. ⁴

The choices become tangible when the spring maker buys steel. It says its steel suppliers seldom accept DiChain, preferring cash or bank acceptances. A claim that moves readily between some trading partners can encounter resistance at the next step. A business needing money for steel must then find another source of cash, wait until maturity or finance the claim. ⁴

Method and scope

The supplier describes DiChain as an electronic receivables certificate. The diagram separates delivery of parts, receipt of a right to payment and possible routes to cash: hold to maturity, transfer to a partner willing to accept it, or finance it under contract. These are alternatives, without an assumed allocation of volumes. Outstanding receivables reported at 31 March 2026 were CNY183,256,200, displayed as a rounded CNY183.256 million. That is a stock at one date, separate from the CNY133.74 million received during the quarter. The supplier reported no overdue unpaid BYD/DiChain receivables in its disclosed scope. This individual case predates the September regulatory measures. No rate, average time to usable cash or total across BYD’s suppliers is inferred.

During the first quarter of 2026, the supplier received RMB133.74 million of new DiChain instruments. Its outstanding balance reached RMB183.26 million at 31 March. In the same filing, it reported no overdue unpaid BYD or DiChain receivables. Both observations matter: money remained committed to a claim with a future maturity, while the supplier reported no overdue unpaid receivables within the scope disclosed. This individual case predates the regulatory tightening in September. It documents a mechanism and its use at a particular time. ⁴⁴

A receivable confirmed by a large buyer can also help a smaller supplier obtain financing. If a lender considers that claim safer than an unsecured loan to the supplier, it may offer better terms. The outcome depends on the financing price, security, recourse and whether participation is voluntary. The documents reviewed provide no representative DiChain financing rate for BYD suppliers in November 2026.

The instruments themselves need to be distinguished. A bank acceptance commits a bank to pay a bill at maturity; a commercial acceptance commits a company. Discounting can release money before maturity on the financier’s terms. An electronic receivable certificate is a different legal category. These instruments arrange payment at a future date, with different rights and risks. Financing them can bring forward the availability of cash. ¹⁹

Beijing wants settlement to deliver cash sooner

That distinction helps explain the direction of Chinese policy. BYD announced in June 2025 that supplier payment terms would be limited to 60 days. Assessing such a pledge requires three details: when the clock starts, what the supplier receives as payment, and when the money becomes available. ²⁰

Revised rules protecting payments to small and medium-sized enterprises took effect on 1 June 2025. For purchases by large businesses from small and medium enterprises (SMEs), they provide for payment within 60 days of delivery, while allowing a different, reasonable contractual period consistent with industry practice. They regulate acceptance procedures and prohibit forcing SMEs to accept bills or receivable certificates, or using those instruments to artificially extend payment terms. Applying these provisions to a particular contract requires checking the parties’ status and the agreement itself. ⁵

A notice signed on 3 September 2026 puts greater emphasis on cash availability. It encourages large companies to commit to paying SMEs in cash within 60 days of delivery. For payments to SMEs by government bodies, public institutions and large companies, cash is required where the contract specifies no payment method. Newly issued electronic certificates are capped at six months, and banks and commercial factoring companies may not provide financing for certificates with longer maturities. A specific requirement for payment entirely in cash applies to state-owned enterprises within its stated scope. ⁶

The notice also proposes a financial route: support loans and bond issuance that allow large buyers to replace trade payables and pay SMEs in cash. The intended mechanism is straightforward. The large buyer borrows, the supplier collects, and a lender takes on the funding period. The same industrial activity can then show less supplier credit and more financial debt. That is the policy’s logic; its specific effect on BYD still needs to be established. ⁶

Payment indicators demand similar care. A February 2026 survey by the China Association of Automobile Manufacturers reported an average of roughly 54 days across 17 carmakers. Its measure includes settlement by bank acceptance and acknowledges different starting points. This industry-wide result describes the survey’s convention. Measuring the wait for available cash at a particular BYD supplier would require different evidence. ⁸

The accounts show a change in the form of credit

Figures released on 29 October 2026 demonstrate the danger of following a single balance-sheet line. BYD’s trade payables fell from RMB186.7 billion to RMB172.7 billion between December 2025 and September 2026. Over the same period, bills payable rose from RMB22.5 billion to RMB78.9 billion. Combined, the two balances increased from RMB209.2 billion to RMB251.6 billion, a rise of RMB42.4 billion. ¹

Bills therefore account for more of the credit visible in this balance-sheet snapshot. BYD itself attributes their growth to greater use of bills in settlement. The quarterly publication leaves the split between bank and commercial acceptances, detailed maturities and individual invoice histories unspecified. Connecting that increase to a conversion of DiChain claims or to the September reform would require further documents. ¹¹

Customers contribute funding too. Contract liabilities reached RMB92.9 billion at 30 September, up from RMB51.5 billion at the end of 2025. This category records obligations to deliver goods or services against payments received or due before the contract is performed. BYD attributes the increase mainly to automotive advance payments. It is a worldwide consolidated balance. The share attributable to deposits from French retail customers is unknown. ¹¹³

The manufacturer thus benefits from different timetables on either side of the business: some suppliers wait for payment, while some customers advance money. Together they help fund the operating cycle. Changes in these balance-sheet amounts do not translate one for one into a cash-flow bridge: currency movements, non-cash transactions and other adjustments can intervene. Adding them to operating cash flow would count some of the same resources twice.

The balance sheet documents a financing structure. Attributing a share of the French rental payment to credit granted by a Chinese supplier would require more: the marginal cost of that funding, the other sources available, and evidence of how any savings reach the selling price. The public documents examined do not provide those inputs.

The border brings another bill

A car entering the European Union from China then encounters another funding requirement. Under the framework checked on 6 November 2026, new Chinese-origin battery electric vehicles qualifying for BYD’s individual rate face a 17% countervailing duty, alongside the ordinary 10% customs duty on cars. The individual rate requires, among other conditions, a compliant invoice. Coverage depends on the product, origin and manufacturer; the nationality of a brand alone is insufficient to establish the customs treatment. ⁹¹⁰

An indexed example makes the calculation visible. With a value at the border of 100, the two duties add 10 and 17 respectively. The value after duties is 127. Both rates apply to the same starting value. The example describes that customs assumption and its conditions. It leaves the transfer price, port of entry and amounts actually paid for the advertised DOLPHIN SURF unspecified. ⁹¹⁰

Value-added tax (VAT) introduces a crucial distinction between cost and cash. In France, the import VAT base includes customs duties and certain additional expenses. Those expenses are set to zero in the simplified example, so 20% of 127 gives 25.4. An importer registered for French VAT with full deduction rights can report and deduct that amount simultaneously through the reverse-charge mechanism. The corresponding net VAT is then zero, with no cash advance for this tax. Customs duties remain part of the import cost. ¹¹

The French selling price will also depend on transport, distribution, discounts, margins and commercial decisions. A customs tariff describes a levy on importation. Its eventual impact on the customer depends on those adjustments. The contracts and declarations needed to measure them car by car are outside the public evidence collected here.

The dealer’s inventory needs funding

Once a car has arrived on the market, it still needs a driver. During that wait, a dealer may use its own money, obtain payment terms or draw on an inventory finance facility, commonly called a floor plan. The facility finances vehicles held in stock. Its cost depends in part on the amount drawn and how long it remains outstanding.

CGI Finance does market funding for new and used vehicle inventories, with interest charged on the portion used. Its documentation establishes that the product exists. The research found no public confirmation that it finances the whole BYD network in France, nor the dealers’ specific credit limits, borrowing periods or security arrangements. ¹⁴

Published partnerships nevertheless show the part European banks play in selling the cars. Crédit Agricole Auto Bank and BYD announced a French agreement on 14 April 2025, with offers for individuals and businesses from May. The November 2026 DOLPHIN SURF advertisement, meanwhile, makes the offer subject to approval by CGL, operating under the CGI Finance brand and part of Société Générale. These documents establish particular relationships and products. The distribution of financed volumes between partners remains undisclosed in this evidence. ¹⁵¹²

When a finance business purchases a vehicle for lease, it changes the seller’s timetable: the sale price can be collected while the driver pays over the following months. The car moves from commercial inventory into a rental fleet. The sale, inventory finance and lease contracts determine the actual dates and each party’s obligations. ¹³

The first payment changes the arithmetic

Return to the offer for orders placed between 1 and 30 November 2026. It covers a DOLPHIN SURF Boost on a long-term rental contract, known in France as LLD, for 49 months and 40,000 kilometres in total at participating dealers. The initial rental payment is €1,865 including VAT. A €365 incentive under France’s energy-saving certificate scheme (CEE) reduces the eligible customer’s share to €1,500. There are then 48 monthly payments of €219. ¹²

The eligible customer’s advertised rental payments add up to €12,012: €1,500 + 48 × €219. Before applying the incentive, the sum is €12,377. The initial amount is an increased first rental payment. The advertisement excludes insurance and optional services; running costs and any contractually payable return charges need to be considered separately. ¹²¹⁸

Method and scope

The 49 payment ranks represent the advertised schedule, without invented debit dates. Every bar shares a euro scale: a €1,865 first rental, including a conditional €365 energy-savings certificate incentive if the customer qualifies, followed by 48 rentals of €219. The eligible customer pays €1,500 initially; advertised customer rentals total €1,500 + 48 × €219 = €12,012 including VAT. Before allocation of the incentive, the total is €12,377. The offer says the dealer advances the incentive. Vehicle return follows the contract, separately from the rank of a monthly payment. Amounts exclude insurance and optional services, running costs and any contractual return charges. Naming CGL for application acceptance does not reconstruct the lessor, professional acquisition price or buyback arrangements; no residual value or interest rate is calculated.

The CEE incentive adds another small source of funding. The offer says the dealer advances it towards the first rental payment. France’s energy-saving certificate system places obligations on energy sellers, which fund eligible actions or acquire certificates. For this offer, the advertisement specifies the amount and the dealer’s advance, while leaving the payment timetable between intermediaries undisclosed. Treating the €365 automatically as a direct government budget payment would misdescribe the scheme. ¹²¹⁷

CGL is named as the business approving the application. The public wording identifies that participant; the contract offered to the customer must specify the lessor and the detailed commitments. The €12,012 total measures the advertised rental payments on the example’s terms. At the end of an LLD contract, the customer returns the vehicle according to the agreement. Those payments therefore purchase use over time. ¹²¹³¹⁸

After the final payment, a car remains

Long-term rental separates ownership from use. The owner finances the purchase; the driver pays to use the vehicle. French public guidance describes the institution buying the car and retaining ownership during the lease. Once the rental payments have been collected, the vehicle still has economic value. Its eventual resale is part of the transaction’s economics. ¹³

Residual value is the estimated value of that vehicle at the end of the contract. All else being equal, expecting higher resale proceeds reduces the depreciation that must be covered during the lease and can support lower payments. The actual calculation also depends on the lessor’s acquisition price, funding, services, expenses and margin. Subtracting rentals from the public retail price would be insufficient to recover either the residual value or an interest rate. ¹⁶

Risk appears when resale brings in less than expected. Ayvens discusses this general exposure and the monitoring of its fleet values in its 2025 universal registration document. That source explains a leasing company’s economics; it provides a framework, without measuring the risk of CGL or the particular DOLPHIN SURF offer. A buyback guarantee or sharing agreement could transfer some or all of the shortfall to another party. The research found no public confirmation of such a commitment for this offer. ¹⁶

The driver has separate contractual obligations: rental payments, mileage, return condition and any agreed services. A broad decline in used-car prices and a charge for exceeding the mileage allowance are different risks. Their allocation is set out in the lease and the agreements between the businesses involved. ¹⁸

The car has several financial lives. Its manufacturer awaits the commercial proceeds. The supplier waits to collect its receivable. A lender finances a period of time. The lessor relies partly on the value of an asset that will keep being driven. One vehicle connects those positions, each with its own due dates and protections.

Competitiveness also lives in the contracts

The investigation establishes a shared funding process: trade credit in China, the manufacturer’s resources, possible bank financing of dealer inventory, then rental payments and the vehicle’s future value in France. Recent accounts show rising inventory and a larger bills-payable balance. They also show stronger operating cash generation. The supplier case documents a claim payable in the future alongside a declaration of no overdue unpaid receivables. These findings point towards assessing the quality and cost of the financing arrangements; a single outstanding balance is an inadequate basis for diagnosing a liquidity crisis. ¹⁴

The strongest qualification to the argument comes from that diversity of funding. A large buyer can improve its suppliers’ access to finance; a bank can make acquisition affordable; a solid resale value can lower the cost of use. Judging how the benefits are shared would require actual financing rates, the time until cash is collected, buyback agreements and prices paid between businesses. Without them, a quantified contribution from Chinese suppliers to the French monthly payment would be speculative.

Future disclosures will be useful if they allow inventory, operating cash flow and payment maturities to be read together. In France, lease and repurchase contracts would clarify the risk each party retains. The central question is practical: who pays for the time spent in inventory, and who absorbs a weaker resale price?

Documentary analysis verified on 6 November 2026. Group figures come from BYD’s published consolidated accounts; commercial and supplier statements are attributed. The references set out periods, units and calculation limits. Private contracts remain outside the reviewed public record. The sharing image is a conceptual illustration of financing mechanisms, separate from an exact vehicle model or an identified contractual route.

Further reading

The car-leasing analysis explains how expected resale values affect monthly payments. The Stellantis investigation examines inventory and the timing of collections and payments during an automotive turnaround.

Sources

1. S01 · BYD Company Limited / HKEX · 2026-10-29 · Accessed: 2026-11-06Third Quarterly Report 2026
   Passages and scope

   Pages 4–5 explanations, 10–12 balance sheet, 18–20 cash flows and unaudited status. Global consolidated group, all businesses and countries, PRC ASBE. Balance sheet 30 September 2026 versus 31 December 2025; cash flows January–September 2026 versus 2025. RMB whole units. No France allocation and no causal attribution to the September reform.

2. S02 · BYD Company Limited / HKEX · 2026-08-28 · Accessed: 2026-11-06Interim Report 2026
   Passages and scope

   Printed page 42 (physical 43) gives the company’s approximate 109/79-day inventory-turnover measure for the first halves of 2026/2025. Pages 61–62 and 72–74 define consolidation/accounting scope;88 and 92 address receivables and bills. Interim unaudited statements use thousands of RMB; the group measure is distinct from any individual car’s journey.

3. S03 · BYD Company Limited / HKEX · 2026-03-27 · Accessed: 2026-11-06Annual Report 2025
   Passages and scope

   Audited 2025 annual statements, thousands of RMB. Pages 161, 223, 265–266 and 302 establish accounting definitions and year-end categories. December 2025 detail is not extrapolated to September 2026. Bank/commercial bills remain separate from DiChain electronic certificates.

4. S04 · 华纬科技股份有限公司 (001380.SZ) / CNINFO · 2026-06-30 · Accessed: 2026-11-06Réponse révisée à la demande d’information de la Bourse de Shenzhen, juin 2026
   Passages and scope

   Printed pages 5 and 29–31, physical pages plus 1. A single supplier’s interested-party regulatory response. Q1 2026 new DiChain 133.74 million CNY and 31 March outstanding 183.2562 million CNY, converted from a table in 10000 CNY units. Supplier terms, limited steel-supplier acceptance and its no-overdue statement are dated before the September rules. This is neither an observed average cash delay nor evidence of every historical payment date.

5. S05 · Conseil des affaires d’État / MIIT, Chine · 2025-04-15 · Accessed: 2026-11-06保障中小企业款项支付条例 : règlement révisé de protection des paiements aux PME, décret 802
   Passages and scope

   Articles 2–3, 9–11 and 16. Decree 802, signed 17 March 2025 and effective 1 June 2025. The large-enterprise sixty-day baseline allows another reasonable contractual period. Acceptance/inspection and enterprise-size status affect application. Non-cash instruments require clear agreement and must not disguise an extension.

6. S06 · Conseil des affaires d’État / MOFCOM, Chine · 2026-09-03 · Accessed: 2026-11-06国办发〔2026〕24号 : notification sur les difficultés de recouvrement des PME
   Passages and scope

   Notification issued/effective 3 September 2026; paragraphs 1–2, 6–7 and 10, with the 14 September ministerial briefing. Encouragement of sixty-day cash commitments is distinct from specified cash obligations. New electronic certificates cannot exceed six months. The policy does not establish a causal effect on BYD’s accounts.

   Additional document reviewed

7. S07 · PBOC et autres autorités / MOFCOM, Chine · Accessed: 2026-11-06银发〔2025〕77号 : encadrement de la finance de chaîne d’approvisionnement
   Passages and scope

   Paragraphs 11 and 21; signed 26 April 2025, effective 15 June 2025. The initial framework gave electronic receivable certificates a normal six-month term, maximum one year and two years’ transition. Read as historical context alongside the stricter September 2026 notification, rather than as the current new-certificate limit.

8. S08 · China Association of Automobile Manufacturers (CAAM), rapport reproduit par China Jiangsu · 2026-02-12 · Accessed: 2026-11-06Enquête sur les engagements de paiement de 17 constructeurs
   Passages and scope

   The reproduced CAAM report covers 17 automakers and reports about 54 days under its own settlement convention, including bank acceptances and varying start dates. It is an industry-association survey, separate from a BYD-specific audit or time from delivery to cash. The full reproduced report was read; the inaccessible Reuters report is not used as independent confirmation.

9. S09 · Commission européenne / EUR-Lex · 2024-10-29 · Accessed: 2026-11-06Règlement d’exécution (UE) 2024/2754, version consolidée du 11 février 2026
   Passages and scope

   Article 1(1)–(3), consolidated as of 11 February 2026 and read directly on EUR-Lex. Chinese-origin vehicles within the specified product scope, producer identity and a compliant invoice determine eligibility for BYD’s 17% rate. The conditional illustration reconstructs neither an identified import nor a final retail-price effect.

   Additional document reviewed

   Additional document reviewed

10. S10 · Direction générale des douanes et droits indirects · Accessed: 2026-11-06Achat d’un véhicule à l’étranger ou dans un DOM-COM
    Passages and scope

    Calculation table for cars from a country without preferential treatment: ordinary duty 10%, applied to the relevant customs value. This page concerns private imports; its VAT-payment discussion is not used for professional importers’ VAT accounting.

11. S11 · DGFiP et DGDDI · 2021-12-21 · Accessed: 2026-11-06TVA à l’importation : déclaration, déduction et base
    Passages and scope

    DGFiP introduction, updated 4 September 2026; DGDDI taxable-base and normal-rate guidance. Since 1 January 2022, VAT-identified importers report VAT through their return. Simultaneous full deduction makes the simplified example net-neutral. Full deduction rights and zero incidental expenses are explicit assumptions, not a reconstruction of BYD’s actual imports.

    Additional document reviewed

    Additional document reviewed

12. S12 · BYD France · Accessed: 2026-11-06DOLPHIN SURF Boost : offre de novembre 2026
    Passages and scope

    Offer footnotes 1, 3 and 4, checked live on 6 November 2026. Dolphin Surf Boost: 49 months/40,000 km, first rent €1,865 reduced to €1,500 by an eligible €365 CEE amount, then 48 rents of €219. Orders 1–30 November; private customers, participating dealers and CGL acceptance. Optional insurance/services excluded; detailed contracts and risk allocation remain undisclosed.

    Additional document reviewed

13. S13 · Service Public / DILA · Accessed: 2026-11-06Comment obtenir la carte grise d’un véhicule en location longue durée (LLD) ?
    Passages and scope

    Official introduction, verified 29 April 2025: a bank or credit institution buys and owns a long-term leased vehicle and handles registration. This explains the general ownership mechanism, separate from proof of every role in the advertised BYD/CGL contract.

14. S14 · CGI Finance · Accessed: 2026-11-06Financement de stocks automobiles : Floor Plan
    Passages and scope

    Official commercial description of new/used vehicle inventory finance and charges on the portion used. It establishes an offered floor-plan product, without proving use throughout BYD’s French dealer network, its credit limits, collateral or repayment terms.

15. S15 · Crédit Agricole Auto Bank et BYD · 2025-04-14 · Accessed: 2026-11-06Accord pour le développement de l’électromobilité en France
    Passages and scope

    Physical page 1 of the two-page joint release, dated 14 April 2025; financing offers announced from May for private customers and business fleets. This supports the partnership announcement, without establishing exclusivity, market share, current volumes or every dealer stock-credit line.

16. S16 · Ayvens · Accessed: 2026-11-06Universal Registration Document 2025
    Passages and scope

    Printed pages 133–134 and 386, physical pages 135–136 and 388. Ayvens’ residual-value risk and auditors’ description of acquisition cost less estimated resale value support a general leasing mechanism. Neither a CGL/Dolphin Surf residual value nor its buyback or loss-sharing arrangements is inferred.

17. S17 · Ministère chargé de la Transition écologique · 2025-08-18 · Accessed: 2026-11-06Dispositif des certificats d’économies d’énergie
    Passages and scope

    Principles section of the ministry page, updated 12 October 2026. Energy sellers face obligations and can support eligible actions or acquire certificates. The €365 amount and dealer advance come from S 12; timing between intermediaries is undisclosed. This is distinct from an automatic direct State-budget payment.

18. S18 · Service Public / DILA · Accessed: 2026-11-06Location de voiture : LOA ou LLD
    Passages and scope

    Long-term leasing section, verified 12 June 2026: contract, term/mileage, return and possible charges; distinction from a lease with a purchase option. The actual proposed contract determines detailed obligations. No advertised purchase option or implicit interest rate is derived from the rents.

19. S19 · PBOC et CBIRC, Chine · 2022-11-11 · Accessed: 2026-11-06商业汇票承兑、贴现与再贴现管理办法 : acceptation, escompte et réescompte des effets
    Passages and scope

    PBOC/CBIRC Order 2022 No.4, articles 2–5 and 8–10, published 11 November 2022 and effective 1 January 2023. The PBOC PDF’s 2025 upload directory is not its adoption date. Bank/commercial bill acceptance and discounting are distinct from electronic receivable certificates; financing may bring forward funds under contract.

    Additional document reviewed

20. S20 · BYD Auto, communiqué reproduit par The Paper ; corroboration Xinhua · 2025-06-11 · Accessed: 2026-11-06Engagement de règlement des fournisseurs sous 60 jours
    Passages and scope

    BYD Auto’s 11 June 2025 statement reproduced in full by The Paper, posted 06:17; the complete Xinhua report was also read. The 60-day supplier-payment pledge is attributed to the company. It is distinct from observed time to available cash for a particular supplier.

    Additional document reviewed