China fines Mercedes $56.5 million for price fixing

April 23, 2015 4:36 AM

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China fines Mercedes $56.5 million for price fixing

SHANGHAI (Reuters) – A local pricing regulator in China said on Thursday it has fined Daimler AG’s Mercedes-Benz 350 million yuan ($56.49 million/37.59 million pounds) for price fixing.

The regulator said the luxury German carmaker had pressured dealers to set minimum sales prices on some of its cars and spare parts, and given warnings to dealers who did not comply.

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