A slew of automakers in China have banded together and pledged to regulate how they market their EVs and avoid further price wars to help stabilize a booming market for consumers. Chinese EV automakers like NIO, XPeng, and BYD have been joined by the likes of Tesla to promote healthy competition and less “bad blood” overseas.
It has been happening all over the globe, but the EV price wars in China were truly ignited at the start of this year, as Tesla slashed the MSRPs of its Model 3 and Model Y vehicles by about $7,000 each – sparking concerns over demand for the world’s most popular automaker overseas.
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