BYD, Tesla, 14 others in China agree to not compete 'excessively'

Automakers compromise under Beijing-led initiative as price competition grows

20230706 BYD's electric hatchback Seagull

BYD's budget electric hatchback Seagull showcased at the Shanghai International Automobile Industry Exhibition on April 18. (Photo by Yusuke Hinata)

SHUNSUKE TABETA, Nikkei staff writer

July 6, 2023 18:36 JST

Updated on July 6, 2023 19:08 JST

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.'