From Torque News.
In a landmark agreement aimed at promoting fair competition and stabilizing the electric vehicle (EV) market in China, Tesla and 16 Chinese automakers have signed a four-point truce to end the prolonged EV price war. The signing ceremony took place today at the prestigious China Auto Forum in Shanghai, marking a significant step towards restoring harmony in the industry.
Tesla, the only foreign automaker to participate in the event, joined forces with China’s top car manufacturers, including BYD, Geely, and Xpeng Inc., to pledge their commitment to avoiding abnormal pricing practices and ensuring a level playing field for all market participants.
The non-binding agreement, which was meticulously crafted by the participating automakers, outlines several key principles that the signatories have agreed to uphold:
Adherence to industry rules and regulations: The automakers will strictly comply with existing industry guidelines and regulations, ensuring fair competition and refraining from engaging in disruptive practices such as abnormal pricing.
Responsible marketing and publicity: The signatories have pledged to adopt responsible marketing and publicity methods, avoiding exaggerated claims or false advertising to attract customers. This commitment emphasizes the importance of transparency and consumer trust in the EV sector.
Focus on quality: Recognizing the significance of high-quality products and services, the automakers will prioritize delivering superior experiences to their customers. By promoting excellence in manufacturing and service, they aim to improve the lives of consumers and enhance the reputation of the EV industry as a whole.
Social responsibility: The agreement highlights the automakers’ commitment to promoting core socialist values and actively fulfilling their social responsibilities. By shouldering the responsibility of maintaining steady growth, strengthening confidence, and preventing risks, the signatories aim to contribute positively to society.
The intense price competition among EV manufacturers had caused Tesla some trouble, as the company faced criticism from disgruntled customers over its ever-changing prices. The situation escalated to the point where customers ransacked a Tesla Experience Center, expressing their frustration.
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This is Armen Hareyan from Torque News. Please follow us at https://twitter.com/torquenewsauto on Twitter and https://www.torquenews.com/ for daily automotive news.
Reference
Bloomberg https://finance.yahoo.com/news/tesla-chinese-rivals-signal-truce-044619129.html
Teslarati https://www.teslarati.com/tesla-china-ev-price-war-truce/
Torque News Tesla https://www.torquenews.com/1/tesla-signs-4-point-truce-chinese-automakers-end-electric-vehicle-price-war
