SHANGHAI/BEIJING — China’s auto industry association urged automakers and authorities to cool “price-cut hype” to ensure the stable development of the industry.
“A price war is not a long-term solution”, the China Association of Automobile Manufacturers wrote in an article published on its WeChat account.
Automakers should work harder on technology and branding while local governments should also use “appropriate methods” while promoting and stabilizing the economy, CAAM added.
More than 40 brands of electric and combustion-engine vehicles in China have offered aggressive discounts to create demand, following Tesla into what has become a price war over market share.
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