China’s BYD Co. has notified some suppliers that it intends to stop using its own financial notes for payments, according to people familiar with the matter — a major departure from a system that helped fuel the automaker’s rapid ascent but has drawn criticism for squeezing parts makers.

The electric-vehicle giant is looking to replace promissory notes issued through Dilian, an electronic platform it rolled out in 2018, with commercial paper or bank-issued notes, the people said. The move marks a significant recalibration of BYD’s supplier-financing model as the company scales globally.