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China Fines Ford Changan for Violating Anti-Monopoly Laws
Ford Motor Co.’s joint venture with Changan Automobile Group has been fined 163 million yuan ($24 million) for violating China’s anti-monopoly law, Reuters reports.
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Ford Motor Co.’s joint venture with Changan Automobile Group has been fined 163 million yuan ($24 million) for violating China’s anti-monopoly law, Reuters reports.
China’s State Administration for Market Regulation says the venture has been illegally setting minimum resale prices for its cars in Chongqing since 2013.
The bureau says the price setting “excluded and restricted competition” within the Ford brand and deprived dealers of their ability to set their own prices for cars. The joint venture had no immediate comment on the fine.
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