CHINA will fine U.S. automaker General Motors Co.’s joint venture 201 million yuan (US$29 million) for monopolistic pricing, State television reported Friday, ending speculation after an official warned of penalties against a U.S. carmaker.

    Shanghai’s pricing regulator said it would fine GM’s venture with China’s largest automaker SAIC Motor Corp. Ltd. for setting minimum prices on certain Cadillac, Chevy and Buick models, according to China Central Television (CCTV).

    “GM fully respects local laws and regulations wherever we operate,” the U.S. automaker said in an emailed statement. “We will provide full support to our joint venture in China to ensure that all responsive and appropriate actions are taken with respect to this matter.”

    SAIC did not immediately respond to a request for comment.

    An official at the National Development Reform Commission on Dec. 14 told China Daily that the commission would fine a U.S. automaker for monopolistic behavior, sending GM and Ford Motor Co. shares skidding.

    The penalty is the latest against automakers after the commission began investigations in 2011, with Audi AG, Daimler AG’s Mercedes-Benz, Toyota Motor Corp., and one of Nissan Motor Co. Ltd.’s joint ventures previously being targeted.

    (SD-Agencies)