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China Vows to Regulate 'Irrational' Competition in EV Industry
CHINA, JUL 16 – China's cabinet targets irrational price wars in the electric vehicle industry to support sustainable growth and innovation, with officials urging stronger regulation after two years of market turmoil.
- China's cabinet, led by Premier Li Qiang, vowed on Wednesday to regulate the irrational price war in the electric vehicle industry and monitor prices closely.
- This action follows rising concerns over fierce competition described as irrational, which has strained automakers' profits and threatened supply chain stability.
- The government pledged both short- and long-term measures to promote high-quality EV development, urge timely supplier payments, and boost domestic consumption by easing spending restrictions.
- Industrial profits dropped 9.1% in May, carmaker profits fell 11.9% despite 11.7% sales growth, and Premier Li called for innovation over price cuts to improve competitiveness.
- The crackdown suggests Beijing seeks to curb destructive price wars without jeopardizing growth or jobs, balancing regulation with economic stability amid ongoing market challenges.
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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
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Leaning Left2Leaning Right3Center9Last UpdatedBias Distribution64% Center
Bias Distribution
- 64% of the sources are Center
64% Center
14%
C 64%
R 21%
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