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QINGDAO TODAY
在线翻译:
szdaily -> Business -> 
Ford’s Changan venture fined US$24 million
    2019-06-06  08:53    Shenzhen Daily

THE country’s top market regulator fined Ford Motor Co.’s main joint venture 162.8 million yuan (US$23.55 million) yesterday for violating anti-monopoly laws, the latest automaker with foreign partners to face such penalties.

The joint venture, which is owned 50:50 by Ford and Changan Auto, did not provide evidence that this complied with the country’s anti-monopoly law during the investigation, it said.

“Changan Ford’s actions deprived downstream dealers of their pricing autonomy, excluded and restricted competition within the brand, as well as damaged fair competition in the market and consumer’s legal interests,” it said.

The fine is equivalent to 4 percent of the joint venture’s sales in Chongqing last year, it said.

Changan Ford said that it respected the regulator’s decision and had taken corrective action in its regional sales management together with its dealers.

“Changan Ford will continue to ensure its business activities contribute to a free and fair competitive environment,” it said.

Other automakers which have been punished by China for violating its anti-monopoly laws in the past include General Motors’ joint venture, which was fined US$29 million in 2016, as well as Audi and Fiat Chrysler .

China announced last week that it was launching an investigation into FedEx Corp. and would draft a list of “unreliable” foreign firms and individuals that harm the interests of Chinese companies without giving any names.

Ford has been struggling to revive sales in China — the second-biggest market globally for the Dearborn, Michigan-based automaker — where its business began slumping in late 2017.

Its sales slumped 37 percent year on year to 752,000 units in 2018, after a 6 percent decline in 2017. Changan’s president said in April that it expects sales at its Ford joint venture to rebound at the end of this year.(SD-Agencies)

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