Mercedes-Benz fined $56.5m for price fixing

Mercedes-Benz, a division of the German automobile manufacturer Daimler AG has been fined 350 million yuan ($56.5 million) for price fixing, the Jiangsu Provincial Price Bureau announced on Wednesday.

Several Mercedes-Benz dealerships were fined 7.87 million yuan.

After ongoing investigations since August, the bureau said that from January 2013 to July 2014, the auto giant forced the floor prices of its E-Class and S-Class cars on dealers, in violation of China's Anti-Monopoly Law.