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Elon Musk Pledges To Enhance 'Core Socialist Values' In China
Elon Musk Pledges To Enhance 'Core Socialist Values' In China-July 2024
2024-02-19 EST 22:09:15

Elon Musk, billionaire and chief executive officer of Tesla, at the Viva Tech fair in Paris, France, on Friday, June 16, 2023

Elon Musk, and , runs . Tesla sells cars in China, where the EV market has seen as part of an ongoing war for sales numbers. But now, thanks to , that price war may be over — all in the name of socialism. Or, thanks to Musk, .

Earlier this week, alongside 15 other electric automakers. The letter directed automakers to stabilize their prices, ending the pricing war in favor of “core socialist values.” Bloomberg has a list of key points from the letter, translated to English:

Here are the translated details of the agreement, which is non-binding:

Adhere to industry rules and regulations, regulate marketing activities, maintain fair competition and not disrupt fair competition with abnormal pricingPay attention to marketing and publicity methods, not exaggerate or use false publicity to attract attention or gain new customersPut quality first, improve lives with high-quality products and servicesPromote core socialist values, actively fulfill social responsibilities, and take on the heavy responsibility of maintaining steady growth, strengthening confidence and preventing risks

With 16 signatures, the price war appeared to be over. Sure, the letter was technically nonbinding, but who was going to go back on their word with the Chinese government? Well, apparently, none other than Musk himself.

Today, Tesla announced for buyers of new Model 3 and Model Y cars. Sure, the bonus requires a referral from an existing Tesla owner, but it’s still another discount — breaking the spirit of the signed letter, if not its explicit text. Whether the automaker will see repercussions from this move, either from China’s government or from a reignition of the price war, remains to be seen.

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