In a commitment to "socialist values," Tesla and its Chinese rivals halt their EV price battle.

Tesla, owned by Elon Musk, has pledged to advance "core socialist values" alongside Chinese automakers.

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After Beijing ordered the sector to stop a months-long price war, they compete fairly in the nation's auto market.

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Tesla and BYD, its greatest competitor in China, were two of the 16 manufacturers to sign a letter of commitment.

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On Thursday, it happened at a meeting for the auto sector in Shanghai.

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Following Tesla's price cuts on its Model 3 and Model Y sedans, there was a price war among electric vehicle manufacturers.

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The main winners have been Tesla and BYD, which is financed by Warren Buffet.

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At the expense of a number of smaller competitors and several overseas brands, they were increasing sales.

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In the second quarter, both businesses recorded record sales.

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