China fines Ford's Changan JV $24 mln for violating anti-monopoly law
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SHANGHAI, June 5 (Reuters) - China's market regulator on Wednesday said it was imposing a 162.8 million yuan ($23.55 million) fine on Ford Motor Co's joint venture with Changan Automobile Group for violating anti-monopoly law.
The State Administration for Market Regulation on its website said the joint venture had since 2013 in the Chinese municipality of Chongqing set a minimum resale price for its cars, which deprived dealers of pricing autonomy.
The fine is equivalent to 4% of the joint venture's sales in Chongqing last year, it said. ($1 = 6.9126 Chinese yuan renminbi) (Reporting by Brenda Goh and Yilei Sun; Editing by Christopher Cushing)
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