German automaker Mercedes says the electric vehicle market is becoming increasingly “brutal” for automakers, forcing many to cut vehicle prices amid intense competition. While Tesla has been the most dominant player in the global EV industry for almost a decade, with  established automakers and startups are quickly catching up to the Texas-based automaker.

China and Europe have seen a surge in EV sales in recent months, primarily thanks to a major influx of affordable Chinese electric cars. Massive subsidies from the…

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