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BREAKING NEWS

BREAKING NEWS

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

China fines Ford's Changan JV $24 million for violating anti-monopoly law
FILE PHOTO: New Ford Focus is presented during a media preview of the Auto China 2018 motor show in Beijing, China April 25, 2018. REUTERS/Damir Sagolj -
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DAMIR SAGOLJ(Reuters)
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SHANGHAI (Reuters) – China’s market regulator on Wednesday said it was imposing a 162.8 million yuan (£18.5 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.

(Reporting by Brenda Goh and Yilei Sun; Editing by Christopher Cushing)

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