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GWMOTOR: Selling Cars Below Cost w/o Bottom Line is Vicious Competition.
The concept of "involution" in the electric vehicle (EV) industry in China is in fact a malicious competition, said GWMOTOR (02333.HK) chairman Wei Jian Jun in an intervi...
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GWMOTOR: Selling Cars Below Cost w/o Bottom Line is Vicious Competition.
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The concept of "involution" in the electric vehicle (EV) industry in China is in fact a malicious competition, said GWMOTOR (02333.HK)  +0.100 (+0.849%)    Short selling $28.32M; Ratio 15.197%   chairman Wei Jian Jun in an interview with CCTV, opining that it is illegal for some companies to sell their vehicles at a price lower than the cost.

He doubted that they are massaging financial figures and selling cars solely on capital. In ten years' time, 24 brands in the industry vanished, which he attributed to unhealthy development.

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With finger-pointing that GWMOTOR's sales volume in 2023 and 1H24 was way less than peers, Wei responded that the company would not be afraid even if its sales fall out of the top ten, because the internal principle is to take the right path, that is the compliance and the bottom line.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-09-20 16:25.)

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