Business Brief (Aug. 4): China Cracks Down on Auto Industry’s Cutthroat Competition
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Regulators target auto industry’s excessive competition
China’s automobile market has plunged into more excessive competition this year, with the new-car research and development cycle cut in half to 18 months and some new-energy vehicle (NEV) projects compressed to just six months, leading to frequent quality issues in rushed vehicles.
In July, regulators stepped in to rectify the situation by increasing the reliability test mileage for NEVs from 15,000 kilometers to 30,000 kilometers and launching special inspections to crack down on regulatory violations.
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