Tesla's Price War May Lead To Automakers Closing Up Shop In China via insideevs.com
Some 30 automakers in China have now reduced prices, and it's creating a disaster for some. According to recent reports, thehas asked for an end to the price war. The organization notes that this is no way to fix long-term concerns and was simply put into place due to a drop in sales at the beginning of 2023.
“We need to go through this price war at the beginning of the year, and then we expect the industry to go through some profound fundamental consolidation. It’s almost consensus that China now has too many automakers."Over 150 new electric cars and plug-in hybrids will debut in China in 2023 alone, and there are arguably too many brands and models for buyers to choose from already.
Tesla has billions of dollars it could use to sustain price cuts, while rival automakers are already hurting. Morgan Stanley notes that BYD could also afford to be more aggressive with price reductions for a time, but weaker competitors won't be able to handle it for long.
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