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Changan Ford fined over monopoly issue

China's State Administration for Market Regulation announced on Wednesday that it has imposed a fine of 162.8 million yuan ($23.6 million) on automaker Changan Ford for implementing vertical monopoly agreements. Since 2013, Changan Ford Automobile Co has restricted the minimum vehicle resale prices for downstream dealers in Chongqing municipality, violating China's anti-monopoly law, the administration said in a statement on its website. The company's practices deprived the downstream dealers of pricing autonomy, excluded and restricted competition within the brand and in effect weakened competition among brands, the statement said.

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