Chinese fined Lexus for prices

The Antimonopoly Bureau of the State Administration for Market Regulation of the Peoples Republic of China has fined Lexus Chinese office for price policy violations

The Chinese market regulator fined Japanese concern Toyota at 87.6 million yuan, or $ 12.5 million at the current rate, for violating antitrust laws. As a result of the investigation, officials from the State Administration for Market Regulation of the PRC revealed that Lexus set the minimum price level for new and used cars for official brand dealers in the eastern province of Jiangsu, as well as fixed prices for branded accessories.

Such a decision by the leadership of the Chinese office, according to the antitrust bureau, not only tied the hands of Lexus dealers, but also seriously impaired consumer rights. In turn, a Toyota representative told Reuters that the Japanese automaker respected the decision of the Chinese authorities and would not mind punishing it.