China fines Ford’s Changan JV $24 million for violating anti-monopoly law

0
24

SHANGHAI (Reuters) – China’s market regulator on Wednesday said it was imposing a 162.8 million yuan ($23.55 million) fine on Ford Motor Co’s joint venture with Changan Automobile Group for violating anti-monopoly law.

The State Administration for Market Regulation on its website said the joint venture had since 2013 in the Chinese municipality of Chongqing set a minimum resale price for its cars, which deprived dealers of pricing autonomy.

The fine is equivalent to 4% of the joint venture’s sales in Chongqing last year, it said.

Reporting by Brenda Goh and Yilei Sun; Editing by Christopher Cushing

Our Standards:The Thomson Reuters Trust Principles.

LEAVE A REPLY

Please enter your comment!
Please enter your name here