That hurts: Chinese government punishes Audi and Chrysler for price fixing. More fines to come

Winterkorn in Beijing - Picture courtesy Bertel Schmitt

Foreign brands own more than 70 percent of the world’s largest car market China, and they are taking home outsized profits. China’s government is putting an end to this. China’s antitrust regulator, the National Development and Reform Commission (NDRC), found Audi and Chrysler guilty of monopoly practices. “They will be punished accordingly in the near future,” NDRC spokesman Li Pumin told Reuters. The still unannounced fines can be up to 10 percent of the automaker’s domestic annual sales revenue. [Continue Reading]