China’s Auto Industry Faces Intensifying Price Wars and Increasingly Irrational Competition (opens in new tab)

Chinese media reported that an intense price war has become the defining feature of China’s automotive market over the past three years. What began in early 2023 with discounts offered by several electric vehicle manufacturers quickly spread across the industry, encompassing both traditional gasoline-powered vehicles and new-energy brands. The competition has continued to escalate. Automakers…