China pledges stricter EV market oversight to curb unfair price cuts and boost industry
China has pledged to improve oversight of the country's electric vehicle (EV) market to curb undercutting and boost the industry's overall fortunes, where only three EV makers are currently profitable.
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Zheng Bei, deputy head of the National Development and Reform Commission (NDRC), mainland China's economic planning agency, told the China EV 100 forum in Beijing at the weekend that companies resorting to unfair competition would be taken to task if their price cuts were considered unreasonable.
The unfair practices also include the publication of false information to mislead consumers and smear campaigns.
'We will collaborate with the relevant authorities to implement the policies,' Zhang said. 'To maintain market order, price monitoring will be strengthened and carmakers are urged to conduct self-discipline [in adjusting prices].'
The CPCA has raised its forecast for EV sales on the mainland to 16.1 million units this year, up 3.5 per cent from last year. Photo: Xinhua
Zheng did not say what kind of punishments the companies would face.
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