‘Socialist values’ vow: Tesla, China rivals to end brutal EV price war
Tesla and China’s top automakers pledged to maintain fair competition and avoid “abnormal pricing” in the world’s biggest EV market, signaling a possible end to a price war that’s rattled the industry this year.
Executives from 16 companies took part in a signing ceremony at the China Auto Forum in Shanghai on Thursday, acknowledging and committing to four points laid out in the pledge. They included BYD, Nio, Xpeng, Geely and Chery Automobile, while Tesla was the only foreign brand.
The Austin, Texas-based electric-vehicle maker started cutting prices in China late last year, prompting other major brands to join in with steep discounts in the earlier part of 2023 as sales slowed.
