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ATAHK reads from Xinhua News that FAW-Volkswagen has been fined 249 million yuan (40.7 million U.S. dollars) for price fixing by Hubei provincial pricing bureau. For details, please refer to the following news from Xinhua News on September 11th:
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FAW-Volkswagen Automotive Co. Ltd., a joint venture between Chinese automaker FAW Group and Germany's Volkswagen Group, signed agreements with car dealers in Hubei between 2012 and 2014 on prices for car sales and repairs, according to the National Development and Reform Commission on Thursday.
In addition to the fine, eight of its car dealerships in Hubei will receive antitrust tickets with a combined value of 29.96 million yuan.
Regulators have recently focused on anti-monopoly enforcement in the luxury car market. Both automobiles and spare parts can cost significantly more in China than in other countries.
Chinese Premier Li Keqiang on Tuesday spoke out against the perception that China is targeting foreign firms with its antitrust activity. Speaking at Summer Davos in Tianjin, Li told business people and entrepreneurs that only 10 percent of all such probes have examined the practices of foreign firms in China.
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