CAAM in China has retracted parts of an agreement made by a group of OEMs in China aimed at reducing the chaotic price wars in China.
Since Tesla began dropping prices in January this year, pricing of vehicles in the Chinese market, and particularly of EVs has been exceptionally chaotic. I wrote an article on the very subject for our Q1 magazine and since then the heat has not been taken out of the battle.
The growth in the Chinese EV market has been rapid in the past few years, with sales surpassing a quarter of new vehicles in 2022 and Rho Motion’s expectation for new EVs in China to top 8 million in 2023.
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