So much for an end to big discounts on new vehicles in China. On Saturday the China Association of Auto Manufacturers (CAAM) reversed out of the pledge it had brokered just two days earlier with Tesla and 15 domestic carmakers to curb a debilitating price war in which some models were being sold for 20% or more below their sticker price. It leaves plenty of egg on a lot of faces.
and 15 domestic carmakers to curb a debilitating price war in which some models were being sold for 20% or more below their sticker price. It leaves plenty of egg on a lot of faces.
In theory, the vaguely worded and non-binding pledge vowing to maintain healthy competition while eschewing “abnormal pricing” appeared to leave enough room for automakers to continue to lure customers – as Tesla did by offering cash rebates to certain buyers immediately after signing the agreement. But it quickly dawned on – or was made clear to – the CAAM that such wording might violate the spirit of China’s anti-monopoly law.
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