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Beijing’s autos intervention is a necessary evil

News Snapshot:

HONG KONG, July 7 (Reuters Breakingviews) – Beijing has engineered an unlikely truce in an attempt to end China’s car wars. On Thursday, regulators orchestrated an agreement between Tesla (TSLA.O) and 15 Chinese rivals to avoid “abnormal pricing”, sealing the deal at a signing ceremony in Shanghai, Bloomberg reported. It’s a desperate effort to contain the damage. But it might just be worth it. There were casualties along the way. More than 30 carmakers slashed prices in the first quarter alone, according to Bill Russo at Shanghai-based consultancy Automobility. Some, including FAW Audi and BAIC Hyundai, doled out discounts of…

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