China’s market regulator on Friday, December 27, fined Japanese carmaker Toyota 87.6 million yuan (US$12.5 million) for price-fixing on its premium Lexus cars in eastern Jiangsu province, according to a document on its website.
The decision comes as China steps up regulation over auto sales in the world’s biggest vehicle market, where more than 28 million cars were sold last year.
The anti-monopoly bureau of the State Administration for Market Regulation stated that between 2015 and 2018, the Japanese carmaker set a minimum sales and resale price for its cars in coastal Jiangsu province, which deprived dealers of pricing autonomy and harmed customers’ rights.
Lexus also fixed sales strategies in the region over the period, including offering customers discounts while asking them to purchase accessories at fixed prices, a sales tactic usual among individual auto dealers in China, but frowned upon for carmakers.
Full Content: Asia Nikkei
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