Chrysler Cuts Jeep Prices in China

Chrysler Group LLC is the latest carmaker to voluntarily lower prices of products in China amid a price-gouging probe by China's anti-monopoly officials.

Chrysler says it will reduce the prices of two top-end models the Jeep Grand Cherokee Summit and Grand Cherokee SRT8 by 45,000 yuan ($7,300) and 65,000 yuan ($10,500), respectively.

The company also will cut prices 20% on 145 high-volume replacement parts, such as headlamps and starter motors.

China's National Development and Reform Commission is investigating vehicle and component pricing for Audi, BMW, Jaguar Land Rover and Mercedes-Benz brands. The companies face stiff fines if found guilty of monopolistic pricing practices.