June 5, 2019 / 2:56 AM / 6 months ago

China fines Ford's Changan JV $24 mln for violating anti-monopoly law

SHANGHAI, June 5 (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. ($1 = 6.9126 Chinese yuan renminbi) (Reporting by Brenda Goh and Yilei Sun; Editing by Christopher Cushing)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below