Hyperdrive
China’s EV War Just Got Fiercer as Tesla, Zeekr Dial It Up
- Tesla, Zeekr launch new models, others offer September cuts
- Competition is only getting tougher as the economy weakens
Zeekr electric vehicles bound for shipment to Europe at the Port of Taicang in Taicang, Jiangsu Province, China.
Source: Bloomberg
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The electric vehicle price war in China is getting even uglier as top players like Tesla Inc. launch new models and others aggressively cut prices in a bid to stem slowing growth in the world’s biggest auto market.
Tesla became the latest to kick things off Friday when it unveiled its highly anticipated revamped Model 3. Minutes later, Elon Musk’s company slashed prices across its range of Model S and X cars in China and the US.