First FedEx, Now Ford. China Clamps Down on U.S. Companies
- Carmaker’s Changan Ford JV fined $23.6 million in Chonqqing
- Fine comes after China launched probe into FedEx’s activities
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China fined Ford Motor Co.’s main joint venture in the country for antitrust violations, marking the latest action toward a U.S. company as tensions between the two nations escalate.
Changan Ford Automobile Co. will be fined 162.8 million yuan ($23.6 million) for restricting retailers’ sale prices in the southwestern city of Chongqing since 2013, according to a statement on the State Administration for Market Regulation’s website. The fine amount is equivalent to 4% of Changan Ford’s annual sales in Chongqing.