SHANGHAI -- Sixteen automakers -- including China's BYD, Tesla of the U.S., and Chinese state-owned companies that have formed joint ventures locally with major Japanese, U.S. and European automakers -- on Thursday agreed to avoid creating excessive competition in the Chinese market, including 'abnormal pricing.'
The rivals came to a compromise suggested by the Chinese government as Asia's largest economy faces a slowdown, which has led automakers into an intensified price competition in new car sales including electric vehicles.
