CX Briefing: Auto Industry Rebuked Over Price War

A rundown of the news making headlines in and around China:

Auto price war: The Ministry of Industry and Information Technology (MIIT) and trade group China Association of Automobile Manufacturers (CAAM) have fired warning shots against the country’s automakers over what they called an ongoing “price war.” The MIIT and CAAM condemned automakers’ recent wave of price slashing for squeezing profit margins, hindering the industry’s development and harming consumer rights. The latest round was sparked by BYD Co. Ltd.’s price cuts in late May, compelling competitors like Geely Automobile Holdings Ltd. and SAIC Motor Corp. Ltd. (600104.SH) to follow. The cuts sent stock prices tumbling across the Chinese mainland and Hong Kong.