China has reportedly obtained commitments from Tesla and other automakers to cease price wars in the country. According to The Financial Times, the Chinese government directed the manufacturers to curb reckless price wars, leading Tesla and other companies to pledge their compliance. Chinese automaker BYD was among the 16 companies that signed a letter committing to this agreement at an auto industry conference in Shanghai. In recent months, Tesla has reduced prices on its electric vehicles, particularly the more affordable Model 3 and Model Y, in response to increasing competition in the EV market. As a result, Tesla shares have seen substantial gains, rising more than 6% this week alone and a staggering 127% so far this year, compared to a 15% gain for the S&P 500 index. The commitment made by Tesla and other companies in China indicates a willingness to cooperate with the government’s efforts to prevent price wars and maintain stability in the market.
China secures pledge from Tesla and others to cease price wars
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