Updated Jun 5, 2019 - Economy & Business

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

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.

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