13:07 GMT +313 November 2019
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    Visitors walk around a Mercedes Benz concept GLC Coupe car during the 16th Shanghai International Automobile Industry Exhibition in Shanghai

    China Fines Mercedes $56Mln for Fixing Luxury Car Prices

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    Luxury German car maker Mercedes is hit by a 350 million yuan (almost $56.5 million) fine by regulators over price fixing in the burgeoning Chinese market.

    MOSCOW (Sputnik) A Chinese anti-trust regulator fined German carmaker Mercedes-Benz 350 million yuan (almost $56.5 million) for fixing the prices of luxury cars and spare parts, media sources reported Thursday.

    The Chinese Bureau of Commodity Prices said that between 2013 and 2014 Mercedes had issued instructions to dealers in the eastern Jiangsu province, advising them to stick to minimum prices for some of its car models, the New York Times reported.

    The regulator described it as an attempt by the Daimler-owned firm to establish market dominance that would hurt the interests of local consumers. China has the world's largest car market.

    Mercedes said it respects the regulator's decision and will comply with its order.

    Last year, Chinese anti-trust authorities fined another German carmaker Audi, US company Chrysler and 12 Japanese automakers for violating its anti-trust laws. China stressed it did not differentiate between local and foreign companies.

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