Latest news with #LiQiang
Reuters
2 hours ago
- Automotive
- Reuters
China vows to regulate 'irrational' competition in EV industry
BEIJING, July 16 (Reuters) - China's cabinet on Wednesday pledged to regulate what it called "irrational" competition in the country's electric vehicle industry, vowing to strengthen cost investigation and price monitoring, according to state broadcaster CCTV. The cabinet meeting, presided by Chinese Premier Li Qiang, was held as a two-year price war in the world's largest auto market only intensifies. China will focus on promoting the high-quality development of the electric vehicle industry and implement comprehensive measures in both the short- and long-term to address the "phenomenon of irrational competition" in the sector, CCTV quoted the cabinet as saying, without giving further details. The cabinet will also urge the main automakers to fulfil commitments on supplier payment terms and promised to help them boost competitiveness through technological innovation and quality improvement. Industry regulators and executives have previously warned of excessive competition and called on automakers to halt the bruising price war which they say threatens the sector's health and sustainable development. Concerns about oversupply persist, with new vehicles being shipped overseas as "used" since 2019, according to a Reuters report in late June. Separately, the cabinet meeting discussed boosting domestic consumption, with policymakers vowing to systematically remove unreasonable restrictions that hinder household spending and optimise policies for a consumer goods trade-in program.
Time of India
6 hours ago
- Automotive
- Time of India
China vows to regulate 'irrational' competition in EV industry
China's cabinet on Wednesday pledged to regulate what it called "irrational" competition in the country's electric vehicle industry, vowing to strengthen cost investigation and price monitoring, according to state broadcaster CCTV. The cabinet meeting, presided by Chinese Premier Li Qiang, was held as a two-year price war in the world's largest auto market only intensifies. China will focus on promoting the high-quality development of the electric vehicle industry and implement comprehensive measures in both the short- and long-term to address the "phenomenon of irrational competition" in the sector, CCTV quoted the cabinet as saying, without giving further details. The cabinet will also urge the main automakers to fulfil commitments on supplier payment terms and promised to help them boost competitiveness through technological innovation and quality improvement. Industry regulators and executives have previously warned of excessive competition and called on automakers to halt the bruising price war which they say threatens the sector's health and sustainable development. Concerns about oversupply persist, with new vehicles being shipped overseas as "used" since 2019, according to a Reuters report in late June. Separately, the cabinet meeting discussed boosting domestic consumption, with policymakers vowing to systematically remove unreasonable restrictions that hinder household spending and optimise policies for a consumer goods trade-in program.
Malaysian Reserve
7 hours ago
- Automotive
- Malaysian Reserve
China pledges to address ‘irrational competition' in EV sector
CHINA pledged to rein in 'irrational competition' in its electric vehicle industry, a sign policymakers are concerned about price wars threatening economic growth. The vow came in a State Council meeting Wednesday that was chaired by Premier Li Qiang, according to China Central Television. The gathering of what is essentially China's cabinet added that authorities would also effectively regulate market order in the sector. Authorities would also step up investigations and monitoring of prices, the state broadcaster said. They'd also encourage companies to boost competitiveness through innovation and improved product quality, CCTV added, without giving details on how that would be done. The government's focus on the EV sector comes after China's top leadership pledged to curb aggressive price competition among businesses. While economic growth is on target to meet the the official 5% expansion goal for the year, a worsening decline in prices threatens to drag the world's second-largest economy into a prolonged slowdown. China's EV industry has become a world leader — BYD Co. sold more fully electric cars in Europe than Tesla for the first time ever in April — that has raised tensions with the US and European over potential damage to their industrial bases. Last month, Chinese officials reportedly summoned the heads of major EV makers, including BYD, to Beijing to address concerns about the long-running price war. Officials told EV makers to 'self-regulate,' and that they shouldn't sell cars below cost or offer unreasonable price cuts. Also in June, BYD and and Zhejiang Geely Holding Group Co. joined several of China's government-backed automakers in a pledge to standardize bill payment for their suppliers to 60 days. The carmakers had been seeking lower-cost components and delaying payments to suppliers by months, creating a form of quasi-debt financing. –BLOOMBERG
Yahoo
7 hours ago
- Automotive
- Yahoo
China vows to regulate 'irrational' competition in EV industry
BEIJING (Reuters) -China's cabinet on Wednesday pledged to regulate what it called "irrational" competition in the country's electric vehicle industry, vowing to strengthen cost investigation and price monitoring, according to state broadcaster CCTV. The cabinet meeting, presided by Chinese Premier Li Qiang, was held as a two-year price war in the world's largest auto market only intensifies. China will focus on promoting the high-quality development of the electric vehicle industry and implement comprehensive measures in both the short- and long-term to address the "phenomenon of irrational competition" in the sector, CCTV quoted the cabinet as saying, without giving further details. The cabinet will also urge the main automakers to fulfil commitments on supplier payment terms and promised to help them boost competitiveness through technological innovation and quality improvement. Industry regulators and executives have previously warned of excessive competition and called on automakers to halt the bruising price war which they say threatens the sector's health and sustainable development. Concerns about oversupply persist, with new vehicles being shipped overseas as "used" since 2019, according to a Reuters report in late June. Separately, the cabinet meeting discussed boosting domestic consumption, with policymakers vowing to systematically remove unreasonable restrictions that hinder household spending and optimise policies for a consumer goods trade-in program. Sign in to access your portfolio
CNA
7 hours ago
- Automotive
- CNA
China vows to regulate 'irrational' competition in EV industry
BEIJING: China's cabinet on Wednesday (Jul 16) pledged to regulate what it called "irrational" competition in the country's electric vehicle industry, vowing to strengthen cost investigation and price monitoring, according to state broadcaster CCTV. The cabinet meeting, presided by Chinese Premier Li Qiang, was held as a two-year price war in the world's largest auto market only intensifies. China will focus on promoting the high-quality development of the electric vehicle industry and implement comprehensive measures in both the short- and long-term to address the "phenomenon of irrational competition" in the sector, CCTV quoted the cabinet as saying, without giving further details. The cabinet will also urge the main automakers to fulfil commitments on supplier payment terms and promised to help them boost competitiveness through technological innovation and quality improvement. Industry regulators and executives have previously warned of excessive competition and called on automakers to halt the bruising price war which they say threatens the sector's health and sustainable development. Concerns about oversupply persist, with new vehicles being shipped overseas as "used" since 2019, according to a Reuters report in late June. Separately, the cabinet meeting discussed boosting domestic consumption, with policymakers vowing to systematically remove unreasonable restrictions that hinder household spending and optimise policies for a consumer goods trade-in programme.
