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CAAM: Price Wars among CN Automakers Hit Hard on Biz Operations; Efforts to be Amplified to Curb 'Involution Competition'
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China's new energy vehicle (NEV) industry has briskly developed in recent years, with NEV sales accounting for over 40%, China Association of Automobile Manufacturers (CAAM) stated on its WeChat account. For some time, the industry's profitability has tapered off, with disorderly "price wars" being a primary form of "involution competition", which is a key factor in the industry's declining efficiency. In response to the recent new round of "price wars" among car companies, CAAM issued the "Proposal on Maintaining Fair Competition Order and Promoting Healthy Industry Development". A responsible official from the Ministry of Industry and Information Technology (MIIT) voiced support for CAAM's proposal, stating that "price wars" among automakers have hit hard on normal production and operations, threatening the industry's health and sustainable development. MIIT will amplify its efforts to rectify "involution competition" in the automotive industry, promote structural optimization and adjustment, strengthen product consistency checks, cooperate with relevant departments to enforce anti-unfair competition laws. AASTOCKS Financial News Website: www.aastocks.com |
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