Beijing's "anti-involution" campaign is curbing price wars in EVs, solar, and food delivery to fight deflation and protect jobs. Tesla, BYD, Alibaba, JD and Meituan are in regulators' crosshairs as profit margins shrink. EV margins fell to 0.83% in 2024 from 2.7% in 2019, while food delivery firms burned $4 billion in subsidies last quarter.