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China Declares Audi, Chrysler Guilty of Price Gouging
China says it will punish Audi, Chrysler and 10 unidentified Japanese replacement parts suppliers for price gouging.
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China says it will punish Audi, Chrysler and 10 unidentified Japanese replacement parts suppliers for price gouging.
The country's National Development and Reform Commission announced the decision but has not yet indicated the fines it will impose. China's 6-year-old anti-monopoly law allows penalties equal to as much as 10% of a company's China revenue for the previous year.
Reuters says cars imported to China cost an average 250% as much as the same model shipped to the U.S. Carmakers have attributed the higher prices to protectionist import tariffs and local taxes.
In recent weeks Audi and Chrysler along with BMW, Jaguar Land Rover and Mercedes-Benz have announced price cuts on replacement parts and/or some models sold in China in an effort to avoid fines.
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