and 15 domestic carmakers to curb a debilitating price war in which some models were being sold for 20% or more below their sticker price. It leaves plenty of egg on a lot of faces.
In theory, the vaguely worded and non-binding pledge vowing to maintain healthy competition while eschewing “abnormal pricing” appeared to leave enough room for automakers to continue to lure customers – as Tesla did by offering cash rebates to certain buyers immediately after signing the agreement. But it quickly dawned on – or was made clear to – the CAAM that such wording might violate the spirit of China’s anti-monopoly law.
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