China’s market regulator said on Friday that it fined three auto chip sales companies for driving up prices, in a move to help auto production in the world’s biggest vehicle market.
The State Administration for Market Regulations said on its website that it fined three companies 2.5 million yuan ($388,300) each.
The companies are Shanghai Chengsheng Industrial, Shanghai Cheter and Shenzhen Yuchang Technologies.
The regulator said it would continue to closely monitor prices in the chip industry and crackdown on illegal market behavior to maintain market order.
A prolonged global chip shortage has affected major automakers, including Ford, Honda, General Motors and Volkswagen Group, forcing many to idle production.
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