BYD calls on China automakers to band the industry together may risk overseas anti-dumpling law
BYD plan to lead the 12 major Chinese automakers in a single China brand to compete in the global EV market.
A patriotic call by China's bestselling automaker to band the industry together and "demolish the old legends" of the global market has gone viral, drawing both raves and a rebuke from a rival.
Some supported the idea...
Executives from BYD's rivals posted notes of appreciation. "I feel proud for China’s auto industry!" said William Li, CEO of Nio on Weibo. "We should learn from BYD's success." "Salute to BYD!" said Li Xiang, CEO of Li Auto, who reposted the BYD video. "Let's give a thumbs up to every participant in the new energy era!"
... but other think that we should embrace the reality of competition.
A senior executive of China's Great Wall Motor (601633.SS) shot back that Chinese automakers should embrace the "reality of competition". "At such a critical moment, how can Chinese automakers be together?" Wang Yuanli, Great Wall Motor's Chief Technology Officer, posted on his social media Weibo account on Friday.
The calling for reducing competition like "pledge to adnormal price" was shot down by China's Antitrust law.
In July, the industry group representing China's automakers retracted a pledge to avoid "abnormal pricing" brokered between 16 automakers, including BYD. The China Association of Auto Manufacturers said it recognized the agreement had violated China's antitrust law.
The suggestion will benefit the major China's automakers at the expense of car buyers as it curb competition.
Source:
$BYD COMPANY(01211.HK$ $BYD Co.(BYDDF.US$ $S&P 500 Index(.SPX.US$ $Nasdaq Composite Index(.IXIC.US$ $Tesla(TSLA.US$ $VOLKSWAGEN A G(VWAGY.US$ $NIO Inc(NIO.US$ $Li Auto(LI.US$ $XPeng(XPEV.US$ $General Motors(GM.US$ $Ford Motor(F.US$ $Rivian Automotive(RIVN.US$ $MERCEDES-BENZ GROUP AG(MBGAF.US$ $TOYOTA MOTOR CORP(TOYOF.US$ $GEELY AUTO(00175.HK$ $Lucid Group(LCID.US$ $Stellantis NV(STLA.US$
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