China Slaps GM With $29 Million Fine Amid Growing Tensions
- Antitrust penalty is first by China on the American automaker
- GM trails only VW among foreign automakers in China sales
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China slapped a $29 million fine on General Motors Co. for antitrust violations, a sign of the growing tensions between the U.S. and the Asian nation
The largest U.S. automaker is accused of setting minimum prices on some models in its SAIC General Motors joint venture. The Shanghai Municipal Development & Reform Commission, which imposed the 201 million yuan fine, alleged in a statement that GM punished dealers who sold cars for less than the prices set by the Detroit-based automaker. This is the first time China has fined GM, the second-largest foreign carmaker in China by sales.