The Financial Times has reported that Tesla Inc.
TSLA,
and other auto makers in China have pledged to “enhance ‘core socialist values’” after the Chinese government directed the makers to curb “reckless” price wars. Chinese rival BYD was also among the 16 auto makers to make the commitment in a letter signed at a auto industry conference in Shanghai on Thursday, the newspaper reported. Tesla has cut prices on its EVs, mostly the cheaper Model 3 and Model Y vehicles, several times since late last year, in China and elsewhere, as competition in the EV space heats up. Tesla shares on Friday are poised to end the week up more than 6% and have gained 127% so far this year, compared with gains of around 15% for the S&P 500 index. Earlier this week, Tesla reported second-quarter sales that were well above Wall Street expectations.
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