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Chinese regulators have threatened “severe penalties” for automakers that launched a new wave of price cuts, defying government efforts to limit excessive competition.
The Ministry of Industry and Information Technology, along with the market regulator and the country’s top economic planner, convened a meeting with the heads of 17 carmakers earlier this week, during which the authorities said they would step up investigations into production costs and price monitoring.
They warned of “severe penalties” against companies for violations, according to a statement by MIIT on Thursday.
By mid-January, nearly all of China’s top 10 carmakers by 2025 sales had rolled out early-year promotions, intensifying discounts to shore up market share.
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