Elon Musk’s Tesla has joined Chinese automakers in pledging to enhance “core socialist values” and compete fairly in the country’s car market after Beijing directed the industry to rein in a months-long price war.
Tesla and its biggest Chinese rival BYD were among 16 manufacturers to make the commitment in a letter signed at a motor industry conference in Shanghai on Thursday. It follows a battle among EV makers after Tesla slashed prices on its Model 3 and Model Y cars last October in the face of rising domestic competition.
Tesla and Warren Buffett-backed BYD have been the chief beneficiaries, boosting sales at the expense of a clutch of smaller rivals and some foreign brands. Both companies reported record sales in the second quarter.
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