China moves to tame 'irrational competition' as EV price war persists / Photo: - - AFP/File
-
Below Deck alumnus João Franco and brother arrested after fatal Turkey fight
-
Ole Miss inquiry expands after video and monkey-noise allegations
-
Thousands of Urban Homes Left Without High-Speed Internet Due to Broadband Blackspots
-
General Hospital actor Randall England dies at 75
-
Bunnie XO artwork taken down from Jelly Roll’s Nashville bar
-
London museum removes Russell Brand hair exhibit after rape conviction
-
Arlington sentinel rebukes Pete Hegseth entourage for laughter near memorial
-
Yella Beezy sentenced to life for arranging rapper Mo3’s murder
-
Kylie Jenner employee describes closet ordeal and pepper-spray incident
-
Authorities to identify Montauk Mary and five other Long Island cold-case victims
-
Davante Adams injury deepens Los Angeles Rams receiver shortage
-
Barbie sequel negotiations stall over reported $25 million pay packages
-
João Franco’s earlier post draws attention after arrest over fatal Turkey brawl
-
Bath & Body Works launches buy-one-get-one-free candle offer
-
Alberta Launches $5M Fund for Women’s Neurology Research to Address Gender Gaps
-
Itlu Arjuna receives U/A certificate ahead of theatrical release
-
Dhananjaya de Silva guides Sri Lanka to 221-4 against Pakistan
-
Niraj Kumar earns Los Angeles Olympic quota with 50m rifle bronze
-
Delhi gold loses Rs 800 while silver falls Rs 5,000
-
India extends micro-credit guarantee plan for five years
-
Madlanga Commission Deadline Extended to 2027 Amid Calls for Structural Justice Reform
-
Pradeep Antony, Smeha Manimegalai portray secret spouses in Mr & Mrs Office
-
Zelenskyy arrives in Dublin for meetings on Ukraine and peace efforts
-
Woman barred from every Greggs outlet after series of offences
-
Jury hears social-media image helped identify teen in Scarlett Faulkner case
-
Ketchup packets link suspect to break-in at Eddie Rocket’s restaurant
-
American Airlines passenger falls ill and vomits on three travellers
-
Spain's General Strike Links Housing Crisis to Lost Purchasing Power
-
US Inflation Broadens as Fed Officials Consider Faster Rate Hikes
-
China's Singles' Day Exposes Persistent Consumer Caution
-
China's Trade Surplus Passes $1 Trillion as Technology Exports Surge
-
OPEC Says Oil Output Is Near Prewar Levels Despite Shipping Disruptions
-
Bank of England Raises Interest Rate to 4% as Energy Risks Intensify
-
US Adds 165,000 Jobs as Unemployment Falls to 4.1%
-
China's Factory Inflation Accelerates While Consumer Demand Stays Weak
-
Euro-Area Inflation Reaches 4% as Energy Prices Jump
-
Energy Costs Push OECD Inflation Up to 4.5%
-
Irish police prepare for further hoax bomb threats after hundreds of schools targeted
-
Korea, Singapore and New Zealand Advance Green Trade Pact Talks
-
RBA Inflation Target Origins: Why Australia Chose a Range Over Zero
-
Ireland and Ukraine consider drone cooperation memorandum after Dublin talks
-
Sister recounts fatal machete attack as Irish murder trial continues
-
Georgia refrigeration company sues EPA after five-year HFC reprieve
-
HoloCoder technology promises brighter smartphone images and 3D depth data
-
EU proposes broad consumer safeguards for apps, subscriptions and ticketing
-
Early Black Friday Walking Pad Deals: Urevo and WalkingPad Discounts
-
Nvidia faces scrutiny over alleged Chinese intelligence link to Jensen Huang
-
Radical Numerics develops offline AI tool to detect engineered pathogens
-
Chennai orders inquiry after dogs die at shelter; two veterinarians face action
-
Kiara Advani Reveals Sidharth Malhotra’s Reaction to Toxic Backlash
China moves to tame 'irrational competition' as EV price war persists
Chinese officials are seeking to tame the country's swelling electric vehicle industry with policies to prevent "irrational competition", state media said, as a brutal price war ensnares top automakers.
Beijing has poured vast state funds into the EV sector, supporting the development and production of less polluting battery-powered vehicles.
But a price war has left many startups bust as firms flood the domestic market with low-cost cars and trade-in schemes, offering huge discounts to customers to give up their old auto for a new one.
Domestic criticism has mounted in recent months against intra-industry "involution" -- a popular tag used to describe the race to outcompete that ends up nowhere.
A meeting of top officials in Beijing -- chaired by Premier Li Qiang -- called Wednesday for tighter price monitoring and improving long-term regulation of competition in the sector, state news agency Xinhua said.
Officials called for stronger order in the new energy vehicle market to "curb irrational competition" and spur more healthy development, Xinhua said.
"It is necessary to... strengthen industry self-discipline" and help companies enhance their competitiveness through technological innovation, the agency quoted officials as saying.
The China Association of Automobile Manufacturers, a top industry group, warned in May that "disorderly" competition would exacerbate harmful rivalry and hurt growth.
Analyst Bill Bishop wrote in his Sinocism newsletter that the wording of Wednesday's readout could suggest Beijing will place "price controls" on electric vehicles.
"The language on the new energy vehicle (NEV) industry was tough, in another sign that the government is going to intervene to rectify the 'irrational competition' in the industry," he wrote.
S.F.Warren--AMWN