CAAM

From January to July, China's NEV sales increased 41.7 percent year-on-year to 4,526,000 units, contributing 28.96 percent of all vehicle sales.

In the first half of the year, China's NEV sales amounted to 3,745,000 units, contributing 28.3 percent of all vehicle sales.

The statement in the pledge, "not to disrupt the fair competition order of the market with abnormal prices," was inappropriate and inconsistent with the principles of China's anti-monopoly law, the CAAM said.

These car companies have pledged to regulate their marketing activities and not to disrupt the order of fair competition in the market with abnormal prices.

China's auto industry still needs to further recover and expand demand, and the release of consumption potential needs to be accelerated, the CAAM said.

Irrational promotions in China's auto market since March have led to consumer wait-and-see, so auto consumption is still in a slow recovery process, the CAAM said.

The CAAM proposes that China's central and local governments continue to introduce policies to promote auto consumption, given the current weak market expectations.

Reducing prices to deal with inventory and properly recover costs are normal business practices, but these tactics should not turn into price wars, the CAAM said.

In January-February, China's vehicle sales decreased by 15.2 percent year-on-year while NEV sales increased by 20.8 percent year-on-year.

China's auto industry is facing big challenges in the first quarter and still needs policy support, the CAAM said.