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CTOnews.com May 18 news, Tesla's recent price reduction strategy has aroused the attention of the automotive industry, many competitors have expressed their views. This time, Hyundai's European CEO Michael Cole stepped forward to explain his views on EV pricing.

Kohl told the Reuters Auto Conference in Munich that Hyundai would not change its pricing strategy directly, but rather to give consumers a stable signal that they do not have to worry about frequent price fluctuations. This is obviously a criticism of Tesla's frequent price adjustments.

"We're not going to do what I call a copycat reaction, to copy what our competitors are doing…We know Tesla's price cut will appeal to some consumers who haven't thought about Tesla before, so of course we're going to pay attention to that," Hyundai Motor Europe CEO Michael Cole said.

In addition, Cole said Hyundai needs to be confident in its pricing strategy, suggesting that Hyundai's retail prices will not change significantly in the European market for the time being. Hyundai has launched several electric vehicles, such as the Hyundai IONIQ 5, which competes with Tesla Model Y.

CTOnews.com notes that Hyundai isn't the first automaker to take a stand against Tesla's price cuts. Rivian, the US electric car startup that makes the R1T pickup truck and R1S SUV, has reiterated its determination not to cut prices, with CEO RJ Scaringe saying there will be no change in the price of its "flagship product."

Ford CEO Jim Farley also compared Tesla's price war to Henry Ford's approach to lowering the price of the Model T in 1913, calling the current price cuts "a worrying trend" and saying Henry Ford's strategy ultimately put the company at risk.

According to a recent Bloomberg report, the Tesla Model Y is currently the company's best-selling model in the U.S. market, and it's cheaper than the average price of a new car or truck in the United States.

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