Tesla and Chinese Rivals Signal Truce in Brutal EV Price War
- Total of 16 automakers sign deal to rein in price changes
- Pact signals an end to price war in world’s biggest EV market
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Tesla Inc. 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 Co., Nio Inc., Xpeng Inc., Geely and Chery Automobile Co., while Tesla was the only foreign brand.