The financial news site Benzinga reports:
Tesla, Inc. achieved record-breaking second-quarter deliveries in China on the back of price cuts and promotional efforts implemented earlier this year. But the Elon Musk-led EV maker’s cutthroat methods have seemed to irk Xi Jinping‘s government in one way.
In response to this price war initiated by major electric vehicle manufacturers, including Tesla, a letter was signed by these companies and 14 others at a motor industry conference in Shanghai, Financial Times reported on Thursday.
The letter represents a commitment to fair competition and to enhance “core socialist values” in the Chinese auto market, aiming to bring an end to the price war that has affected the EV industry.
Read the full article.
“Elon Musk’s Tesla has joined Chinese automakers in pledging to enhance “core socialist values” and compete fairly in the country’s car market after Beijing directed the industry to rein in a months-long price war.” https://t.co/f5Cu8ePapr
— James Pethokoukis (@JimPethokoukis) July 7, 2023
Months after Tesla started a price war that disrupted China’s electric-vehicle industry, Elon Musk’s company has joined 15 Chinese automakers in a pledge to avoid abnormal pricing and promote “core socialist values” https://t.co/Dc5yPr1Jvp
— The Wall Street Journal (@WSJ) July 6, 2023
Tesla and Chinese rivals signal EV price war truce in ‘socialist values’ pledge https://t.co/Yq9bkdWPma
— Financial Times (@FT) July 6, 2023