China Tells EV Makers to Stop Counterproductive Price Wars
Beijing has warned Chinese electric vehicle makers against taking part in counterproductive price wars to protect the country’s economy. As the largest electric vehicle market, China is home to dozens of EV startups and companies engaged in ferocious competition as they each try to secure a portion of the massive Chinese market for themselves. One of their main tactics involves deploying drastic price cuts to make their products cheaper than their competitors, contributing to rising rates of electric vehicle oversupply and overcapacity in the country. According to the Chinese government’s statement to local EV manufacturers, this has resulted in “involution”…
