A slew of automakers in China have banded together and pledged to regulate how they market their EVs and avoid further price wars to help stabilize a booming market for consumers. Chinese EV automakers like NIO, XPeng, and BYD have been joined by the likes of Tesla to promote healthy competition and less “bad blood” overseas. But is this good for competition or is this cartel behavior?
It has been happening all over the globe, but the EV price wars in China were truly ignited at the start of this year, as Tesla slashed the MSRPs of its Model 3 and Model Y vehicles by about $7,000 each – sparking concerns over demand for the world’s most popular automaker overseas.
Tesla showrooms were flooded with Chinese consumers the next day, not to buy, but to protest. The American automaker had been slowly increasing the price of all of its EV models in China the past two years without any discounts, then suddenly leaned down to kick off 2023. Customers who had just purchased a shiny new Tesla in late 2022 however, were furious.
Historically, Tesla has increased gross margins with cost improvements and has only adjusted its pricing when it needs to create more demand. On paper, Tesla is already the world’s largest automaker by market cap, but its price manipulation offered a real-world study in global economics as its cuts sent shockwaves throughout the global EV market, including China.
Some automakers like BYD and XPeng scrambled to lower their prices to remain competitive, while others stood their ground. For instance, NIO’s CEO William Li said the company would not partake:
Model 3 and Model Y are less complex in functions and configurations compared to Chinese car brands, such as BYD, so it cuts prices to challenge its rivals. Tesla can fix vehicle prices in the US with a market share of over 60 percent, but not in China, where it holds only about 7 percent.
Whether NIO’s chief wants to admit it or not, Tesla’s strategy worked. The automaker just blew through expectations by reporting over 466,000 deliveries in Q2 of 2023, besting its own record a quarter before. Now however, Tesla looks like it’s ready to play nice with its market manipulation and has joined a dozen other EV automakers in a pledge to help stabilize prices for the good of the consumer.
Tesla’s Gigafactory in Shanghai / Credit: Tesla
EV automakers band together to end price wars in China
Earlier today at the 2023 China Auto Forum in Shanghai, the China Association of Automobile Manufacturers (CAAM) has helped facilitate a pledge signed by 16 major automakers vowing to uphold fair market order in their industry.
The pledge is signed by CAAM four months after the association called for a market-wide cooling off of price cuts between competitors, especially as automaker began to use marketing strategies to take digs at other companies in the country. The automakers that signed today include China FAW, Dongfeng Motor, SAIC Motor, Changan Automobile, BAIC, GAC, China National Heavy Duty Truck, Chery, JAC, Geely, Great Wall Motor, BYD, NIO, Li Auto, XPeng Motors, and, last but not least, Tesla. Here’s an excerpt from the commitment letter posted by CnEVPost:
First, we will abide by the rules and regulations of the industry, regulate marketing activities, maintain a fair competition order, and not disrupt the fair competition order of the market with abnormal prices.
Second, we will pay attention to marketing methods, will not exaggerate or conduct false marketing, not to mislead consumers to attract attention and increase customer acquisition.
Third, we will put quality first, use quality-oriented, high-quality products and services to meet the people’s needs for a better life.
Fourth, we will actively fulfill our social responsibility, and take an active role in helping to stabilize economic growth, increase confidence and prevent risks, and work together to make a contribution to national economic growth.
It is important to note, however, that this pricing commitment is self-regulatory and by no means legally binding. Still, it shows good faith among a myriad of different EV automakers in China that should help stabilize price wars overseas… at least for the time being.
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How does a fully charged battery in under 100 seconds sound? China’s CATL, GAC Group, and JD.com revealed a battery-swappable version of the Aion UT that can swap batteries quicker than you can pump gas.
The Aion UT Super can swap EV batteries in 99 seconds
The new battery swap version looks about the same as the current Aion UT sold in China, but it’s equipped with CATL’s Choco-SEB battery packs.
CATL introduced the new battery packs in December that can be swapped for a fully charged one in under 100 seconds, making it just as fast as filling up a gas tank.
The new Aion UT Super draws power from a 54.036 kWh CATL LFP battery, providing a CLTC driving range of 500 km (310 miles). Drivers can swap, charge, or rent batteries at one of CATL’s Choco Battery Swap Stations. It also features a single electric motor with 134 horsepower (100 kW).
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Measuring 4,270 mm in length, 1,850 mm in width, and 1,575 mm in height, with a wheelbase of 2,750 mm, the electric hatch is about the size of the Volkswagen ID.3.
Don’t feel like swapping? The electric hatchback can still recharge from 30% to 80% in 26 minutes, the company said.
Inside, the setup is relatively simple, with a floating infotainment screen at the center and a smaller driver display cluster.
The new Aion UT Super will be sold exclusively on JD.com, also known as the “Chinese Amazon.” GAC opened blind pre-orders on Wednesday ahead of its official launch next week during the 11.11 shopping festival, China’s largest shopping event.
According to CarNewsChina, prices for the swappable Aion UT Super are expected to range from 100,000 yuan ($14,000) to 120,000 yuan ($16,800).
The Aion UT Super joins other Chinese EVs, including the Changan Oshan 520, that are rolling out with CATL’s 99 second swappable batteries. Several major brands in China, including GAC, Chery, NIO, FAW, and BAIC, are partnering with CATL to launch vehicles using its Choco-SEB batteries.
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Save up to $3,599 on a selection of Anker SOLIX early Black Friday power station doorbusters starting from $449
Anker SOLIX has launched its early Black Friday doorbuster promotions through the rest of the week, with a select collection of power stations getting up to 65% early-access discounts ahead of the full sale’s launch. One notable inclusion here is Anker’s new SOLIX F3000 Portable Power Station dropping back to $1,399 shipped, beating out Amazon’s pricing by $100. Since hitting the market in June, this newer unit has carried a $2,599 full price tag outside of sales/discounts, with this all-time low having first appeared during last month’s Prime Day event and then repeating during the brand’s previous Halloween Sale. With these Anker SOLIX Black Friday Doorbuster deals, the all-time low is coming back around to provide $1,200 in savings so you can upgrade your backup support at the best price we have tracked. Head below for the full lineup of doorbusters ahead of the rush.
The Anker SOLIX F3000 power station is a great choice for folks who want more bolstered backup power support for campsites, tailgates, road trips, and even at-home emergencies – especially when considering its passthrough charging capabilities when connected to a gas generator. You’ll gain a sizeable 3,072Wh starting LiFePO4 capacity that can be further built up to 24kWh with additional add-on equipment.
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Through its 11 output ports (including a TT-30R port to cover RV needs) your devices and appliances will receive up to 3,600W of steady power. Alongside the new gas generator option to recharge while providing power elsewhere, you also have the options for a standard AC outlet or utilizing up to 2,400W of solar input.
EcoFlow’s DELTA Pro Ultra and DELTA 3 Ultra power stations get up to $2,779 exclusive savings to new lows from $949
We’ve secured some exclusive savings from Wellbots on two EcoFlow units that give you new low prices, like the largest DELTA Pro Ultra Whole-Home Backup Power Station coming with a FREE 400W solar panel at $3,599 shipped, after using the code 10BF9TO5 at checkout. While this station carries a $6,098 MSRP directly from the brand, it’s coming down at Wellbots from a $5,799 full price, with discounts having seen the price taken as low as $3,999 from EcoFlow and Amazon, while a previous exclusive deal back from April saw it go further to $3,799. Today’s exclusive deal drops costs further than we’ve tracked before, giving you a $2,200 price cut on the station alongside the $579 value of the free solar panel for a new all-time low price and $2,779 in total savings. You’ll also find the brand’s newest DELTA 3 Ultra Portable Power Station hitting a new low of $949 shipped, after using the exclusive code 150BF9TO5 at checkout. Head below to learn more about these two backup power solutions.
Save up to $1,650 on Jackery’s Explorer 3000 V2 and 2000 V2 power stations at exclusive new lows from $599
Right alongside the pair of exclusive EcoFlow power station deals we secured, Wellbots is also giving 9to5Toys readers exclusive new low prices on two Jackery power stations, including the newer Explorer 3000 V2 (AKA the HomePower 3000) Portable Power Station at $849 shipped, after using the exclusive code 150POWER9TO5 at checkout, with a separate hangover exclusive low price to pick it up with two 200W solar panels. It may carry a $2,499 MSRP since its release in May, but we’ve regularly seen discounts taking this station down between $1,699 and $1,499 in the time since, with Prime Day giving us a drop lower to $999, which is where the savings start here today. Using the exclusive code, you’ll be scoring a total $1,650 in savings off the MSRP that beats out all deals we’ve seen before, dropping things to a new all-time low price. There’s also the Jackery Explorer 2000 V2 Portable Power Station that is dropping to a new low of $599 shipped, after using the exclusive code 200POWER9TO5 at checkout. Head below to learn more about these backup power solutions.
Have fresh herbs in reach with this AeroGarden Harvest Elite 360 indoor hydroponic kit at a $100 annual low
Amazon is offering the AeroGarden Harvest Elite 360 Indoor Garden Hydroponic System at $99.99 shipped. It’s coming down off its $125 full price here, with discounts having taken the costs as low as $100 over 2025 when it’s not in and out of availability at Amazon. While we have seen it go lower in past years, the deal here still gives you a solid 20% markdown that cuts $25 off the tag, giving you the best price that we have tracked over the year while providing your kitchen with a handy means to grow your favorite herbs. Head below to learn more about this gadget and some alternate devices from the brand that are also seeing discounts.
This BougeRV rack attaches to your vehicle to carry up to 200 pounds of e-bikes with a tilting feature at its $300 low
Coming back to us through the official BougeRV Amazon storefront, you can pick up the 2-inch e-bike Rack Hitch with Ramp at $299.99 shipped for the second time that we have tracked. It carries a $500 MSRP, but has been hanging down at $450 since late October, which was also when we last saw the price drop down to this all-time low rate. You’re getting a second chance at this $200 total markdown here, which comes in just $16 above the current pricing of its e-bike-compatible variant that only sports a 150-pound payload over this model’s 200-pound payload.
Lectric XP4 Standard Folding Utility e-bikes with $326 bundle: $999 (Reg. $1,325)
Lectric XP Lite 2.0 Long-Range e-bikes with $449 bundles: $999 (Reg. $1,448)
Heybike Hauler Single-Battery Cargo e-bike (new low): $899 (Reg. $1,413)
Best new Green Deals landing this week
The savings this week are also continuing to a collection of other markdowns. To the same tune as the offers above, these all help you take a more energy-conscious approach to your routine. Winter means you can lock in even better off-season price cuts on electric tools for the lawn while saving on EVs and tons of other gear.
The Vogtle nuclear power plant is located in Burke County, near Waynesboro, Georgia in USA. Each of the two existing units have a Westinghouse pressurized water reactor (PWR), with a General Electric turbine and electric generator, producing approximately 2,400 MW of electricity. Two Westinghouse made AP 1000 reactors are under construction here.
Pallava Bagla | Corbis News | Getty Images
The Trump administration’s plan to spend tens of billions of dollars on Westinghouse nuclear plants could transform it into an independent, publicly traded company with the U.S. government as a major shareholder.
Under the deal, the U.S. government is granted a participation interest in Westinghouse and can require an initial public offering on or before January 2029 if the company’s value surges to $30 billion or more.
The government could become an 8% shareholder in Westinghouse under this scenario, said Cameco Chief Operating Officer Grant Isaac on the company’s third-quarter earnings call Wednesday. It is not entitled to a stake in Cameco or Brookfield under the deal, Isaac said.
Cameco would consider spinning out Westinghouse as an independent company in 2029 depending on the circumstances, the executive said.
“There is definitely a unique interest in investing just in Westinghouse,” Isaac said. “Cameco is a funny proxy for that. Brookfield’s probably an even funnier proxy to invest in just Westinghouse.”
Cameco is one of the largest uranium miners in the world and Brookfield is one of the biggest investors in energy generation.
“We’re going to keep all options on the table,” Isaac said. “This partnership agreement does not force us to leave Westinghouse in 2029. We don’t have to sell any of our share — or we may if the value of Westinghouse is so significant come 2029 when that window opens up.”
U.S. government financing
The government’s interest in Westinghouse vests only if it makes a final investment decision with definitive agreements to build new reactors in the U.S. with a total value of $80 billion.
The U.S. could use tools like Department of Energy loans or financing from “other jurisdictions” to finance the projects among other options, Isaac said.
“We’re assured that there is a lot of interest in investing this minimum $80 billion in order to begin the process,” the executive said.
Westinghouse has designed a big modern nuclear reactor called the AP1000 that the Trump administration wants to deploy across the U.S. to meet rising electricity demand from data centers and manufacturing. It generates a gigawatt of electricity, which is enough power for more than 750,000 homes.
President Donald Trump signed an executive order in May that called for the U.S. to start construction on 10 large new nuclear reactors by 2030. Westinghouse CEO Dan Sumner said in July that the company would meet Trump’s call with the AP1000.
But Westinghouse has struggled in the past to deliver the AP1000 on time and on budget. It went bankrupt in 2017 from cost overruns at big nuclear projects in Georgia and South Carolina.
The first two AP1000 reactors in the U.S. came online at Plant Vogtle in Georgia in 2023 and 2024 but the South Carolina project was canceled.
Westinghouse was bought by Brookfield and Cameco in 2023, five years after it emerged from bankruptcy. Brookfield has a 51% stake in Westinghouse and Cameco owns 49% of it.
The nuclear industry needs a big order of reactors to stimulate the market and supply chains, Isaac said. The U.S. government is serving that role, the executive said.
“What the U.S. government has done is committed to step in and be that stimulant if you will, their commitment is to facilitate the financing,” he said.