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Yahoo
an hour ago
- Business
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Zai Lab and Novocure Announce Results From the Phase 3 PANOVA-3 Trial of Tumor Treating Fields (TTFields) Therapy for Pancreatic Cancer to be Presented at 2025 ASCO Annual Meeting
TTFields therapy concomitant with gemcitabine and nab-paclitaxel is the first treatment to show a clinically meaningful and statistically significant improvement in overall survival (OS) for patients with unresectable, locally advanced pancreatic adenocarcinoma in a Phase 3 trial The OS benefit observed with TTFields therapy is supported by significantly improved quality of life and extended pain-free survival, a key outcome for patients with pancreatic cancer Results from PANOVA-3 accepted as a late-breaking abstract for oral presentation at ASCO and simultaneous publication in the Journal of Clinical Oncology SHANGHAI & CAMBRIDGE, Mass. & BAAR, Switzerland, May 31, 2025--(BUSINESS WIRE)--Zai Lab Limited (NASDAQ: ZLAB; HKEX: 9688) and Novocure (NASDAQ: NVCR) announced that results from the Phase 3 PANOVA-3 trial of Tumor Treating Fields (TTFields) therapy for pancreatic cancer will be presented today at the 2025 American Society of Clinical Oncology (ASCO) Annual Meeting in Chicago and simultaneously published in the Journal of Clinical Oncology. "The data presented today from the PANOVA-3 trial of Tumor Treating Fields show a clinically meaningful and statistically significant improvement in overall survival for people with locally advanced pancreatic cancer," said Vincent Picozzi, MD, MMM, medical oncologist and investigator in the PANOVA-3 trial. "Importantly, we also saw an extension in the duration of time before pain progressed. Pain is a hallmark of this disease, and as a clinician, the potential of this therapy to address this aspect of pancreatic cancer is very encouraging. These results illustrate the potential of Tumor Treating Fields therapy concomitant with gemcitabine and nab-paclitaxel to become a standard of care for unresectable, locally advanced pancreatic cancer." The Phase 3 PANOVA-3 trial evaluated the use of TTFields therapy concomitantly with gemcitabine and nab-paclitaxel as a first-line treatment for unresectable, locally advanced pancreatic adenocarcinoma compared to gemcitabine and nab-paclitaxel alone. The trial met its primary endpoint, demonstrating a statistically significant improvement in median overall survival (mOS) for patients treated with TTFields. "The encouraging data from the Phase 3 PANOVA-3 study demonstrate a meaningful improvement in outcomes for patients with unresectable, locally advanced pancreatic cancer—including pain reduction and a statistically significant improvement in overall survival," said Rafael Amado, M.D., President, Head of Global Research and Development at Zai Lab. "Pancreatic cancer remains one of the most challenging cancers to treat globally, with approximately 134,000 new cases diagnosed annually in China alone. Zai Lab participated in this trial and looks forward to continuing our collaboration with Novocure to bring this innovative therapy to patients in China as quickly as possible." "Most people with pancreatic cancer are diagnosed with advanced disease, which is very difficult to treat and only about 1 in 10 people are alive five years after diagnosis," said Nicolas Leupin, MD, PhD, Chief Medical Officer, Novocure. "The results shared today at ASCO and in the Journal of Clinical Oncology demonstrate that Tumor Treating Fields therapy improved overall survival and pain-free survival in unresectable, locally advanced pancreatic cancer. We plan to submit these data to the FDA in the second half of 2025 to support a premarket approval for Tumor Treating Fields therapy." Results from PANOVA-3 In the intent-to-treat population, patients treated with TTFields therapy concomitantly with gemcitabine and nab-paclitaxel had an mOS of 16.2 months compared to 14.2 months for patients treated with gemcitabine and nab-paclitaxel alone, a statistically significant 2.0-month improvement [hazard ratio (HR) 0.82; p=0.039 (N=571)]. TTFields therapy concomitant with gemcitabine and nab-paclitaxel demonstrated improvement in several secondary endpoints including the one-year survival rate and pain-free survival. Pancreatic cancer can cause significant pain as the disease progresses and managing pain is a key clinical challenge. The one-year survival rate showed a statistically significant improvement in the TTFields concomitant with gemcitabine and nab-paclitaxel treated group with 68.1% [95% CI: 62.0–73.5] compared to those who received gemcitabine and nab-paclitaxel alone, 60.2% [95% CI: 54.2–65.7], p=0.029. Patients treated with TTFields concomitant with gemcitabine and nab-paclitaxel had a median pain-free survival of 15.2 months [95% CI: 10.3–22.8] compared to a median 9.1 months in the group treated with gemcitabine and nab-paclitaxel alone [95% CI: 7.4–12.7]; HR 0.74 [95% CI: 0.56–0.97], p=0.027. This is a statistically significant 6.1-month extension in pain-free survival. Pain-free survival was defined as the time from baseline until an increase of 20 or more points was reported by patients on a visual scale for pain or until death. Quality of life was also measured as a secondary endpoint. Analyses were performed for all patients using the European Organisation for the Research and Treatment of Cancer Quality of Life Questionnaire (EORTC QLQ-C30) with the pancreatic cancer specific PAN26 addendum. Deterioration-free survival in global health status, pain and digestive problems were significantly improved in patients receiving TTFields therapy concomitant with gemcitabine and nab-paclitaxel compared to the gemcitabine and nab-paclitaxel alone group. Full analysis of the quality of life results in PANOVA-3 will be shared at a future scientific conference. There was no statistically significant difference in additional secondary outcome measures of progression-free survival, local progression-free survival, objective response rate, puncture-free survival or tumor resectability rate between the TTFields with gemcitabine and nab-paclitaxel and the gemcitabine and nab-paclitaxel arms. TTFields therapy was well-tolerated, no new safety signals were observed, and safety was consistent with prior clinical studies. Mild to moderate skin adverse events (AEs) were the most common device-related AEs. Data Presentation & Publication Details The PANOVA-3 data, (LBA 3500) Phase 3 study of Tumor Treating Fields (TTFields) with gemcitabine and nab-paclitaxel for locally advanced pancreatic ductal adenocarcinoma (LA-PAC), will be presented today by Dr. Picozzi in Hall D1 during the 3:00 – 6:00 p.m. Gastrointestinal Cancer—Gastroesophageal, Pancreatic, and Hepatobiliary oral session. The Phase 3 PANOVA-3 publication in the Journal of Clinical Oncology, Tumor Treating Fields with gemcitabine and nab-paclitaxel for locally advanced pancreatic adenocarcinoma: randomized, open-label, pivotal phase 3 PANOVA-3 study, will be available online at Novocure Investor Event Novocure will host an investor event featuring Dr. Picozzi and Novocure leadership after the oral presentation. Event details and a link to a live webcast of the event are available on the investor relations page of For more information or to request in-person attendance, please contact Novocure investor relations at investorinfo@ Regulatory & Ongoing Clinical Study of TTFields for Pancreatic Cancer Novocure plans to file for regulatory approval for use of TTFields therapy in unresectable, locally advanced pancreatic adenocarcinoma based on PANOVA-3 in the U.S. in the second half of 2025. The company also plans to file for regulatory approval in EU, Japan and other key markets. Novocure continues to follow patients in its Phase 2 PANOVA-4 trial exploring the use of TTFields therapy together with atezolizumab, gemcitabine and nab-paclitaxel for the treatment of metastatic pancreatic cancer. PANOVA-4 has completed enrollment with data anticipated in the first half of 2026. About PANOVA-3 PANOVA-3 is an international prospective, randomized, open-label, controlled Phase 3 clinical trial designed to test the efficacy and safety of Tumor Treating Fields (TTFields) therapy used concomitantly with gemcitabine and nab-paclitaxel, as a first-line treatment for locally advanced pancreatic adenocarcinoma. Patients were randomized to receive either TTFields therapy concomitant with gemcitabine and nab-paclitaxel or gemcitabine and nab-paclitaxel alone. The primary endpoint is overall survival. Secondary endpoints include progression-free survival, local progression-free survival, objective response rate, one-year survival rate, quality of life, pain-free survival, puncture-free survival, resectability rate, and toxicity. The PANOVA-3 trial enrolled 571 patients who were randomized 1:1 and followed for a minimum of 18 months. About PANOVA-4 PANOVA-4 is an international, multi-center, Phase 2 clinical trial designed to test the safety and efficacy of Tumor Treating Fields (TTFields) therapy together with atezolizumab, gemcitabine and nab-paclitaxel for the treatment of metastatic pancreatic cancer. The primary endpoint is disease control rate. Secondary endpoints include overall survival, progression-free survival, one-year survival rate, objective response rate, progression-free survival at six months, duration of response, and toxicity. The study is designed to enroll 76 patients and enrollment is complete. About Pancreatic Cancer in China Pancreatic cancer is one of the most common and deadliest cancers globally. In China, there were an estimated 134,374 new cases in 2022, and it is now the eighth most common cancer type1. The current median survival of patients with locally advanced, unresectable pancreatic cancer is nine to twelve months, and the five-year survival rate was 7.2%2, making it the malignancy with the lowest survival rate in China. 1 Xia C, Dong X, Li H et al. Cancer statistics in China and United States, 2022: profiles, trends, and determinants. Chin Med J (Engl) 2022; 135: 584-590. 2 Hu JX, Zhao CF, Chen WB et al. Pancreatic cancer: A review of epidemiology, trend, and risk factors. World J Gastroenterol 2021; 27: 4298-4321. About Tumor Treating Fields Tumor Treating Fields (TTFields) are electric fields that exert physical forces to kill cancer cells via a variety of mechanisms. TTFields do not significantly affect healthy cells because they have different properties (including division rate, morphology, and electrical properties) than cancer cells. These multiple, distinct mechanisms work together to target and kill cancer cells. Due to these multimechanistic actions, TTFields therapy can be added to cancer treatment modalities in approved indications and demonstrates enhanced effects across solid tumor types when used with chemotherapy, radiotherapy, immune checkpoint inhibition, or targeted therapies in preclinical models. TTFields therapy provides clinical versatility that has the potential to help address treatment challenges across a range of solid tumors. To learn more about TTFields therapy and its multifaceted effect on cancer cells, visit About Zai Lab Zai Lab is an innovative, research-based, commercial-stage biopharmaceutical company based in China and the United States. We are focused on discovering, developing, and commercializing innovative products that address medical conditions with significant unmet needs in the areas of oncology, immunology, neuroscience and infectious disease. Our goal is to leverage our competencies and resources to positively impact human health worldwide. For additional information about Zai Lab, please visit or follow us at , About Novocure Novocure is a global oncology company working to extend survival in some of the most aggressive forms of cancer through the development and commercialization of its innovative therapy, Tumor Treating Fields. Novocure's commercialized products are approved in certain countries for the treatment of adult patients with glioblastoma, non-small cell lung cancer, malignant pleural mesothelioma and pleural mesothelioma. Novocure has several additional ongoing or completed clinical trials exploring the use of Tumor Treating Fields therapy in the treatment of glioblastoma, non-small cell lung cancer and pancreatic cancer. Novocure's global headquarters is located in Baar, Switzerland, with U.S. headquarters located in Portsmouth, New Hampshire and research and development facilities located in Haifa, Israel. For additional information about the company, please visit and follow @Novocure on LinkedIn and Twitter. Zai Lab Forward-Looking Statements This press release contains forward-looking statements about future expectations, plans, and prospects for Zai Lab, including, without limitation, statements regarding the prospects of and plans for developing and commercializing TTFields therapy, the potential benefits of TTFields therapy, and the potential treatment of pancreatic cancer. These forward-looking statements may contain words such as "aim," "anticipate," "believe," "could," "estimate," "expect," "forecast," "goal," "intend," "may," "plan," "possible," "potential," "will," "would," and other similar expressions. Such statements constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical fact or guarantees or assurances of future performance. Forward-looking statements are based on our expectations and assumptions as of the date of this press release and are subject to inherent uncertainties, risks, and changes in circumstances that may differ materially from those contemplated by the forward-looking statements. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including but not limited to (1) our ability to successfully commercialize and generate revenue from our approved products, (2) our ability to obtain funding for our operations and business initiatives, (3) the results of clinical and pre-clinical development of our product candidates, (4) the content and timing of decisions made by the relevant regulatory authorities regarding regulatory approvals of our product candidates, (5) risks related to doing business in China, and (6) other factors identified in our most recent annual and quarterly reports and in other reports we have filed with the U.S. Securities and Exchange Commission (SEC). We anticipate that subsequent events and developments will cause our expectations and assumptions to change, and we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required by law. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release. Our SEC filings can be found on our website at and the SEC's website at View source version on Contacts For more information, please contact: Zai Lab Investor Relations: Christine Chiou / Lina Zhang+1 (917) 886-6929 / +86 136 8257 / Zai Lab Media: Shaun Maccoun / Xiaoyu Chen+1 (857) 270-8854 / +86 185 0015 / Novocure Investors: Ingrid Goldberginvestorinfo@ Novocure Media: Catherine Falcettimedia@
Yahoo
6 hours ago
- Automotive
- Yahoo
Formula E changes Shanghai E-Prix schedule due to heavy rain forecast
Formula E will see a change to its planned Shanghai E-Prix schedule on Sunday, as heavy rain poses a threat to the running of the second race of the weekend. In Saturday's race, the first round of its double-header weekend in China, Maximilian Guenther secured his second victory for DS Penske in an action-packed race at the Shanghai International Circuit, with his team-mate Jean-Eric Vergne making it a maiden 1-2 for the American team. Advertisement Tomorrow will likely be a very different day, with heavy rain forecast across the municipality for the majority of Sunday. The amended schedule will now see Free Practice 3 moved an hour earlier to 07:00 local time, with the same for qualifying which is now at 09:00 local time in Shanghai. The race has also been reshuffled and lights out will begin at 13:00 local time. It's understood that if rain prevents any times being set in FP3 or qualifying, the results from the second free practice on Saturday will be used to form the starting grid, meaning Porsche's Antonio Felix da Costa will be on pole and McLaren's Taylor Barnard will start alongside him on the front row. A spokesperson for Formula E confirmed: 'As the inclement weather forecast for Sunday's race is anticipated to impact the current sporting schedule for Round 11, the 2025 Hankook Shanghai E-Prix, together with the FIA, Teams and Manufacturers have taken the decision to amend the event timings in order to allow maximum track sessions to go ahead, taking into consideration rain and light conditions. Advertisement "The safety and experience of our fans, guests and personnel are our highest priority as we aim to put on the best racing spectacle possible here in China. We thank the organisers and local authorities for their prompt and unified response and we look forward to another successful Hankook Shanghai E-Prix at the Shanghai International Circuit tomorrow.' A general view of the NEOM McLaren Formula E Team cars in the rain A general view of the NEOM McLaren Formula E Team cars in the rain Alastair Staley / Motorsport Images Alastair Staley / Motorsport Images This is the second Formula E race weekend in succession that has been heavily impacted by the elements, after qualifying was cancelled entirely in Tokyo earlier this month. Advertisement As wet races impact the championship more regularly, with the past three events all affected by rain, the majority of drivers are discontent with the all-weather Hankook compound available to the grid. 'It is not a wet tyre, it doesn't work in the wet at any point,' McLaren's Sam Bird told after Monaco. 'Even the guys that came at the front can say it doesn't even work in the wet. All the drivers have said similar things [about introducing a full wet tyre] for quite a while, not just with the current supplier. "It has been a bit of, not an issue, but when you are racing and you're pushing the rubber, the rubber is going to move and manipulate itself and anytime you have a tread block of any sort that then can push water away, it's not going to be good in the dry. 'Similarly if you have a block that is good with dry running, it is never going to be able to dissipate water. It is very challenging. Advertisement 'The cars are getting so quick now, I think Formula E should consider bringing a form of wet tyre to the races.' Bridgestone has already been confirmed as the championship's sole tyre supplier from the 2026/2027 season onwards through to 2029/30 – the Gen4 era. It will become the third different tyre supplier the championship has seen since debuting in 2014, after Michelin starred things off as a founding partner until Hankook took over from the 2022/23 season. To read more articles visit our website.
Yahoo
8 hours ago
- Business
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Golden Goblet Awards Lineup Announced: Spotlight on This Year's Top Contenders
SHANGHAI, May 31, 2025 /PRNewswire/ -- The 27th Shanghai International Film Festival (SIFF) is set to return from June 13 to June 22, bringing ten days of cinematic celebration to the city. Today, organizers unveiled the official selection for the prestigious Golden Goblet Awards, with winners scheduled to be announced later in June. 49 films have been selected as finalists: Main Competition AFTER THE FOGDirector: Miriam HeardCountry/Region: Chile, United Kingdom, France BLACK RED YELLOWDirector: Aktan Arym KubatCountry/Region: Kyrgyzstan CYCLONEDirector: Flavia CastroCountry/Region: Brazil MY FATHER'S SONDirector: QIU ShengCountry/Region: China, France LOSS OF BALANCEDirector: Korek BojanowskiCountry/Region: Poland LUISA Director: Julia RoeslerCountry/Region: Germany ONE WACKY SUMMERDirector: CAO BaopingCountry/Region: China ON SUMMER SANDDirector: Shinya TamadaCountry/Region: Japan THE REBORNDirector: Santiago EstevesCountry/Region: Argentina, Spain, Chile THE SCENT OF THINGS REMEMBEREDDirector: António FerreiraCountry/Region: Portugal, Brazil WILD NIGHTS, TAMED BEASTSDirector: WANG TongCountry/Region: China YOU BELIEVE IN ANGELS, MR. DROWAK?Director: Nicolas SteinerCountry/Region: Germany, Switzerland Asian New Talent AS THE WATER FLOWSDirector: BIAN ZhuoCountry/Region: China BRAND NEW LANDSCAPEDirector: Yuiga DanzukaCountry/Region: Japan GRACE FOR SALEDirector: Gözde Yetişkin, Emre SertCountry/Region: Turkey KANTO Director: Ensar AltayCountry/Region: Turkey ODDS BEATERDirector: CHENG LiangCountry/Region: China RIVERSTONEDirector: Lalith RathnayakeCountry/Region: Sri Lanka SEVEN DAYSDirector: QIU YujieCountry/Region: China THE DAUGHTERDirector: Pourya KakavandCountry/Region: Iran THE LAST SUMMERDirector: SHI RenfeiCountry/Region: China VICTORIADirector: Sivaranjini JCountry/Region: India WATER CAN GO ANYWHEREDirector: FANG LiangCountry/Region: China WHERE THE NIGHT STANDS STILLDirector: Liryc Dela CruzCountry/Region: Italy, Philippines Documentary A PART OF THE LANDDirector: Nima Mahdian AslCountry/Region: Iran BRIGADE 2045 Director: Olivia Luengas MaganaCountry/Region: Mexico CATCHERS ON THE MOONDirector: XU HuijingCountry/Region: China CONSTANZADirector: Agustín Márquez GómezCountry/Region: Spain THE GUARDIAN OF STORIES Director: Claudia Bellasi, Markus Steiner EnderCountry/Region: Laos Animation EDGE OF TIMEDirector: LI Wei, WENG Ming, Shinichiro Watanabe, Shuhei MoritaCountry/Region: China MAGIC BEACH Director: Robert ConnollyCountry/Region: Australia MAKE A GIRLDirector: Gensho YasudaCountry/Region: Japan THE SONGBIRDS' SECRETDirector: Antoine LanciauxCountry/Region: France, Switzerland, Belgium TOM AND JERRY: FORBIDDEN COMPASSDirector: ZHANG GangCountry/Region: China, United States of America Short Film (Live Action) A STORY ABOUT WINTERDirector: LUO Zhaoguang, ZHOU NanjunCountry/Region: China CHILDREN OF THE LANDDirector: XU RuiCountry/Region: China CROW Director: XU JianmingCountry/Region: China DEAD IN THE WATERDirector: Leila HekmatniaCountry/Region: Iran JOANA IS LEAVINGDirector: Jonathan MilletCountry/Region: France JUDITE, OR FIRST REBELLIONDirector: Pedro CarneiroCountry/Region: Portugal NO ONE KNOWS I DISAPPEAREDDirector: BO HanxiongCountry/Region: China THE END OF THE WORLDDirector: Alessandro MoscaCountry/Region: Peru THE FOUNTAIN OF MEMORYDirector: Jordi Sanz AngrillCountry/Region: Spain VIDEO GAME AUTEURDirector: Txema NoveloCountry/Region: Mexico SHORT FILM (ANIMATED) I AM NOT HERE ANYMOREDirector: Nawojka WierzbowskaCountry/Region: Poland, France LITTLE STORYDirector: Mirjam PlettinxCountry/Region: Belgium LOVE MUSIC FRIENDDirector: XU ZaoCountry/Region: China SONDirector: Zhanna BekmambetovaCountry/Region: Russia, Kazakstan TRIASSIC CUDDLEDirector: Iulia TuricianuCountry/Region: Romania As China's only A-list film festival, SIFF has long served as a major platform for Chinese-language cinema and emerging talents across Asia. Guided by the principles of "Asian, Chinese Film, and New Talents," this year's festival is expected to feature around 60 Chinese-language films, spanning competition entries, premieres, and restored classics. The Golden Goblet Awards continue to grow in global stature, setting a new record this year. The five competition sections received over 3,900 submissions from 119 countries and regions. Of those, more than 2,800 films entered competition, with notable increases in entries from the Americas and Africa. Short film submissions rose 18% year-over-year. This year also boasts the highest premiere rate in SIFF history: over 1,820 films hold world premiere status, and more than 520 will have their international premiere, pushing the combined premiere rate above 80%. The international jury panel includes 21 members from 13 countries and regions across Asia, Africa, the Americas, and Europe. Italian director and screenwriter Giuseppe Tornatore, the president of the jury this year, stated: "A film festival is not just a celebration of cinema; it's an opportunity for people from different nations to come together, exchange ideas, and appreciate exceptional films. I'm honored to serve as a juror at SIFF and to enjoy these incredible works alongside my fellow jury members in Shanghai." This year's edition also introduces several firsts: the merger of the SIFF Film Market with the Shanghai TV Festival's market to form a unified International Film and TV Market; the launch of the "Asia Now" section highlighting regional perspectives. Tickets for the 27th SIFF go on sale at noon on June 5. Following SIFF, the Shanghai TV Festival will run from June 23 to June 27. View original content to download multimedia: SOURCE SIFF Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CNA
16 hours ago
- Automotive
- CNA
China urges halt to auto industry's bruising price wars
SHANGHAI: China called on Saturday (May 31) for its automotive industry to halt brutal price wars, as a threat to the sector's health and sustainable development, after key executives jousted over pricing pressure following large discounts offered to buyers. Tension between some top players in the world's largest auto market has spilt into the open as competition intensifies, with price wars begun in early 2023 showing little sign of abating, despite concern among both government and industry. The industry ministry vowed to step up efforts to correct what it called excessive competition, the official news agency Xinhua said on Saturday. "There are no winners in a 'price war', let alone a future," the agency cited an unidentified ministry official as saying. The comments came after fresh incentives were offered last week on more than 20 models by electric vehicle giant BYD. This prompted several rivals, such as Geely and Chery, to follow suit. The ministry's comments echo a similar call on Saturday by the China Association of Auto Manufacturers (CAAM) for a truce in the price wars, saying they affect profitability and efficiency. It added that a new round of price war "panic" was touched off in China after substantial discounts were offered on May 23 by an automaker it did not identify. It proposed remedies such as auto companies sticking to the principle of fair competition and larger players refraining from market monopolies. "Apart from reducing the price of goods according to law, enterprises shall not dump goods at prices below cost," it added.
Reuters
18 hours ago
- Automotive
- Reuters
China urges halt to auto industry's bruising price wars
SHANGHAI, May 31 (Reuters) - China called on Saturday for its automotive industry to halt brutal price wars, as a threat to the sector's health and sustainable development, after key executives jousted over pricing pressure following large discounts offered to buyers. Tension between some top players in the world's largest auto market has spilled into the open as competition intensifies, with price wars begun in early 2023 showing little sign of abating, despite concern among both government and industry. The industry ministry vowed to step up efforts to correct what it called excessive competition, the official news agency Xinhua said on Saturday. "There are no winners in a 'price war', let alone a future," the agency cited an unidentified ministry official as saying. The comments came after fresh incentives offered last week on more than 20 models by electric vehicle giant BYD ( opens new tab, that prompted several rivals, such as Geely ( opens new tab and Chery ( to follow suit. The ministry's comments echo a similar call, also on Saturday, by the China Association of Auto Manufacturers (CAAM) for a truce in the price wars, saying they affect profitability and efficiency. It added that a new round of price war "panic" was touched off in China after substantial discounts offered on May 23 by an automaker it did not identify. It proposed remedies such as auto companies sticking to the principle of fair competition and larger players refraining from market monopolies. "Apart from reducing the price of goods according to law, enterprises shall not dump goods at prices below cost," it added. BYD's incentives, which include government trade-in subsidies, can cut the domestic cost of its BYD Seagull electric hatchback to as little as 55,800 yuan ($7,750). On Friday, a BYD executive had decried as alarmist comments by the chief of Great Wall Motor that the industry was "unhealthy". Great Wall's ( opens new tab Wei Jianjun had said pricing pressure was hammering the bottom lines of car companies and suppliers. ($1=7.1991 Chinese yuan renminbi)
