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Ford's China venture fined $24M by Chinese authorities

Two women workers take a final inspection on a Ford car on the production line at the Changan Ford plant in China's southwestern city of Chongqing, 27 March 2006.
Ford car production at the Changan Ford plant in China's southwestern city of Chongqing. Photo: Liu Jin/AFP/Getty Images

Chinese authorities have fined Ford's joint Chinese venture 162.8 million yuan ($23.5 million) for monopoly law violations, Reuters first reported on Tuesday.

Details: The State Administration for Market Regulation said the Changan Ford venture had set a minimum resale price for its cars that deprived dealers in the Chinese municipality of Chongqing of pricing autonomy since 2013, per Reuters. The fine is equivalent to 4% of Changan Ford’s 2018 sales in Chongqing last year, it said.

What they're saying: Ford said in a statement that it respects China’s decision, per Bloomberg.