China Finishes $ 24 Million For Ford Changan Ford Company For Violating Anti-Monopoly Law By Reuters

SHANGHAI (Reuters) – The Chinese regulator of Chinese markets said Wednesday it has fined 162.8 million yuan (23.55 million yuan) at the Ford Motor joint venture (NYSE 🙂 Co.).

The government's market regulator said on its website that the joint venture, Changan Ford, has been fixing a minimum resale price for its cars in Chongqing Municipality since 2013, in violation of the law.

The joint venture did not demonstrate that this was in accordance with the country's anti-monopoly law during the investigation, he said.

"Ford Changan's actions have deprived downstream distributors of price autonomy, foreclosed and restricts competition within the brand, and undermined fair market competition and the legal interests of consumers", did he declare.

The fine amounts to 4% of joint venture sales in Chongqing last year, he added.

Ford and Changan did not immediately respond to requests for comment. Changan Auto shares fell more than 5% after the new Wednesday morning.

The regulator's decision comes as Ford strives to boost sales in China – the world's second-largest car manufacturer in Dearborn, Michigan – where its operations began to collapse at the end of 2017 .

In April, Changan's president told Reuters that he expects a rebound in sales from his Ford joint venture at the end of the year.