Explainer: What’s behind China’s failed ‘truce’ in EV price war?

The group representing China’s auto manufacturers has retracted a pledge to avoid “abnormal pricing” that it had brokered between 16 automakers, including Tesla, breaking off a truce in a brutal price war over electric vehicles.

The China Association of Auto Manufacturers (CAAM) said in a statement on Saturday it recognised the agreement had violated China’s antitrust law and would retract it.