China fines GM unit $29 million for 'price-fixing'

A woman stands outside a Buick showroom in Beijing on December 15, 2016Beijing has fined the Chinese unit of General Motors nearly $29 million for “infringing on the rights of consumers and its competitors” via price-fixing, Shanghai authorities said. SAIC-GM — a joint venture between the American company and the state-owned SAIC Motor Corporation, China’s biggest automaker by production volume — has been ordered to cough up 201 million yuan ($28.9 million), approximately four percent of its mainland sales last year, Shanghai’s top development and economic reform body said on their website in a Friday statement. “SAIC-GM will respect the views of the National Development and Reform Commission,” a spokesperson from the company said Friday, according to Chinese website Today’s Economic News.

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