Toyota Motor Corp said on Thursday that it will cut prices of spare parts in China for its Lexus vehicles from next month, Reuters reported.
Prices on about 15,000 parts will be reduced by an average 26 percent, the Japanese automaker was quoted as saying in a statement.
The move comes in response to heightened Chinese regulatory scrutiny over anti-trust issues.
“In response to the NDRC’s concerns over monopoly practices in the industry, Lexus China will cut prices of spare parts in China starting from Sept. 1,” it said, referring to the National Development and Reform Commission, the country’s price regulator.
“The company will ensure full compliance with the Chinese law, improve management behavior … protect interests and rights of customers and contribute to the China auto industry,” it said.
The announcement came a day after China fined 12 Japanese auto parts makers a record 1.2 billion yuan (US$201 million) for price manipulation.
Toyota’s German rivals BMW, Audi and Mercedes-Benz have already cut spare parts prices following China’s antitrust probe into the auto industry.
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