Mercedes-Benz has been fined 350 million yuan ($68 million CAD) by authorities in China's eastern Jiangsu province for a pricing monopoly, according to multiple sources. It's the biggest fine handed out to an automaker in this country for violating antitrust laws.
Reports indicate that Mercedes-Benz pressured dealers to set minimum sales prices on some of its cars and spare part. It also gave warnings to dealers that did not comply.
"The investigation found Mercedes-Benz and its dealers in Jiangsu came to and carried out monopoly agreements to cap the lowest sales prices of E-class, S-class models and certain spare parts," the Jiangsu pricing regulator said in a statement.
Some Mercedes-Benz dealers also received a fine of 7.7 million yuan ($1.2 million).
Mercedes-Benz China accepts the decision and assures that they have taken all appropriate steps to ensure to fully comply with the law.