Date
21 August 2017
In July, Audi announced a price cut on locally made car parts after an antitrust investigation. Photo: Bloomberg
In July, Audi announced a price cut on locally made car parts after an antitrust investigation. Photo: Bloomberg

Audi admits monopoly behavior in China, faces fine

German carmaker Audi A.G. said it engaged in monopoly practices in China and is willing to accept punishment, China National Radio reported Tuesday.

Senior executives acknowledged the anti-competitive behavior to China’s antitrust regulators.

Authorities in Hubei province opened an investigation into the carmaker several months ago over alleged price controls on local dealers.

The practice has since stopped, the report said, citing general manager Zhang Pijie.

In July, Audi announced a price cut on locally made car parts after an antitrust investigation.

Under China’s anti-monopoly law, the government can impose a fine equivalent to 10 percent of company revenue in the previous year.

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