News Snapshot:
Explainer-What's behind China's failed 'truce' in EV price war? China International Fair for Trade in Services (CIFTIS) in Beijing (Reuters) - The group representing China's auto manufacturers has retracted a pledge to avoid "abnormal pricing" that it had brokered between 16 automakers, including Tesla, breaking off a truce in a brutal price war over electric vehicles. The China Association of Auto Manufacturers (CAAM) said in a statement on Saturday it recognised the agreement had violated China's antitrust law and would retract it. WHAT'S THE BACKGROUND HERE? Intense competitive pressure: Since January, when Tesla cut prices in China, about two dozen...
