US EditionChinese Automakers Get Stern 'Price War' Warning After Discount Spree
- On May 30, a leading Chinese automotive industry organization issued a strong warning to car manufacturers amid escalating price-cutting tactics in the vehicle market.
- The warning followed BYD's May 23 announcement of trade-in discounts up to 34 percent on nearly two dozen models, which multiple competitors subsequently matched.
- CAAM cautioned that disorderly competition would harm profits, disrupt the market, and damage both consumers and the industry, urging companies to avoid monopolizing the market and selling below cost except for lawful discounts.
- Wei Jianjun, CEO of Great Wall Motor, likened the current challenges in the automotive sector to the onset of China’s prolonged housing downturn following Evergrande’s 2021 default, warning that a similar crisis is emerging within the car industry.
- The warning implies intensified scrutiny of pricing strategies in China’s EV sector, reflecting government-backed efforts to support sustainable industry growth amid escalating price competition.
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92 Articles
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China automakers get stern 'price war' warning after discount spree
BEIJING, China — A top industry group had a stern rebuke Saturday for automakers fueling a “price war”, a week after Chinese EV giant BYD announced sweeping trade-in discounts, with multiple competitors following suit. “Since May 23, a certain automaker has taken the lead in launching a substantial price drop campaign… triggering a new round
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