Business / Auto China

Audi faces colossal fines for monopoly

( Updated: 2014-08-08 14:04

Audi faces colossal fines for monopoly
Visitors walk at Audi's exhibition booth at Auto China 2014 in Beijing April 20, 2014. [Photo / Agencies]

Top executives from FAW-Volkswagen Audi and its dealers from Hubei province were interviewed by China's antitrust regulators on Thursday, 21st Century Business Herald reported.

The final decision on the fines to Audi and its dealers will be made from this interview; based on the legal procedure, the punishment will be published within 12 days, an insider told 21st Century Business Herald.

Li Pumin, spokesman of the National Development and Reform Commission (NDRC), said yesterday that that the Chrysler investigation launched by the Shanghai Municipal Development and Reform Commission and the Audi probe conducted by the Hubei Province Price Bureau are drawing to an end.

The two multinational carmakers were found to be pursuing monopolistic practices and will be punished, according to Li.

China Daily website sought comment from Audi and the dealers, who declined to speak.

Recently, a stormy anti-monopoly investigation has been conducted in the auto industry in China. Many car companies are cutting prices to respond to regulators' investigations. On Aug 1, Audi cuts the price of spare parts for locally produced models by up to 38 percent.

Audi faces colossal fines for monopoly

Audi faces colossal fines for monopoly
 Automakers lower prices following monopoly concerns  New arrival: Audi RS 7 Sportback

Hot Topics

Editor's Picks