China has imposed 1.24 billion yuan (US$202 million) in fines on Japanese auto-part makers for alleged price manipulation, the Wall Street Journal reported.
In a statement Wednesday, the National Development and Reform Commission (NDRC) — China’s top pricing regulator — was quoted as saying that it has fined 12 Japanese firms including Hitachi Ltd., NSK Ltd., NTN Corp. and Sumitomo Corp. for colluding over prices of auto parts and bearings.
“They have unlawfully affected China’s auto-part prices, car prices and bearings prices, hurt the interest of downstream manufacturers and consumers,” the NDRC said in the statement.
Among others, NSK is said to have been fined 174.9 million yuan, while NTN was slapped with a 119.2 million yuan penalty.
The fines offer a glimpse of the potential penalties that Audi, BMW and Daimler might face, the Journal said, noting that the three German firms have also been investigated by the NDRC over their spare-parts pricing.
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