Elon Musk’s Tesla kicked off a pricing war in the electric vehicle industry in January when the company announced the first in an ongoing series of price cuts for its models worldwide. But at least one major carmaker isn’t getting drawn into the drama, even if it means almost guaranteed losses in the short term. Renault, one of France’s largest automakers, is officially stepping away from Tesla’s pricing battle unlike other legacy car companies such as Ford, according to Thierry Piéton, the Renault Group’s chief financial officer.
“There is no big incentive to go and cut the prices,” Piéton said during the company’s first quarter earnings call Thursday, adding that Renault doesn’t want to “go into a spiral that some of our competition is following.”
