China has moved to curb a fierce price war among automakers that has caused massive losses for the industry. China’s State Administration for Market Regulation released new guidelines on Thursday to prevent manufacturers from pricing cars too cheaply in order to squeeze out rivals. The China Association of Automobile Manufacturers reported this week that domestic passenger car sales fell 20% in January, compared to a year earlier. Analysts say a cut in tax exemptions for electric vehicles and weaker EV subsidies in several Chinese regions have dampened demand. As domestic car demand slows, Chinese carmakers are expanding their global sales, and exports are expected to grow this year.