Electric car manufacturer Tesla has reached a preliminary truce with several Chinese rivals. This happened at the China Auto Forum on Thursday.

Here, executives from 16 companies signed an agreement to maintain fair competition and avoid ”abnormal” pricing in the Chinese market, which is the largest in the world for electric cars.

According to Bloomberg News, in addition to the pricing pledge, competitors also agreed not to exaggerate or use false marketing.

Tesla began slashing prices in the Chinese market last year, prompting other manufacturers to follow suit from the start of 2023 as sales slowed.

The US automaker was among the first to put its cars on sale, but by far not the most aggressive.

Tesla’s prices were 6.6% lower between December 2022 and May 2023. At the top of the list are Forthing, which has cut prices by 35.4%, and Dongfeng, which has reduced prices by 26.9%. BYD, China’s largest electric vehicle manufacturer, has reduced prices by 6.1%.