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China Fines GM Venture $29 Million for Price Fixing
China will levy a $29 million fine for price fixing against the carmaking venture owned by General Motors Co. and Shanghai Automotive Industry Corp., according to a state television report.
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China will levy a $29 million fine for price fixing against the carmaking venture owned by General Motors Co. and Shanghai Automotive Industry Corp., according to a state television report.
The state television announcement confirms speculation that GM was a target for the latest fine from China’s National Development Reform Commission. Last week China Daily reported the agency intended to sanction an unnamed U.S. carmaker.
The commission has been investigating prices on foreign-brand cars and repair parts since 2011. The agency previously fined Audi, Mercedes-Benz and Fiat Chrysler Automobiles and a dozen Japanese suppliers for price gouging.
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