Jun. 7, 2024
Cutthroat Price Wars in the Auto Industry Lead to Corner-Cutting and Counterfeiting, Says Geely Chairman
TMTPOST--Li Shufu, Chairman of Geely Holding Group, highlighted the need for balanced economic efficiency in any industry's development at the 2024 China Chongqing Auto Forum. He criticized the endless "involution" and brutal "price wars" in the auto sector, warning that such practices result in corner-cutting and the production and sale of counterfeit goods. Li stressed that companies must compete healthily and lawfully, as healthy competition is crucial for the high-quality development of the automotive industry.
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