GM's main China venture fined $29M in anti-monopoly case
BEIJING — General Motors Co.’s main joint venture in China was fined $29 million on Friday on charges it suppressed competition by enforcing minimum sales prices for dealers, the latest in a string of penalties against foreign auto brands under the country’s anti-monopoly law.
Chinese regulators have punished companies in industries from milk to medical devices under a 2008 anti-monopoly law in what appears to be an effort to force down consumer prices.
Friday’s announcement followed public criticism by U.S. President-elect Donald Trump of Chinese trade practices, but there was no indication the case was linked to that. GM had announced in August 2014 its joint venture, Shanghai GM, was under investigation by anti-monopoly regulators.
The Shanghai Price Bureau said Shanghai GM, a joint venture with state-owned Shanghai Automotive Industries Corp., improperly suppressed competition by enforcing minimum prices dealers were allowed to charge for Cadillac, Chevrolet and Buick models.
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