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Shanghai's pricing regulator said it would fine GM's venture
with China's largest automaker SAIC Motor Corp Ltd <600104.SS>
for setting minimum prices on certain Cadillac, Chevy and Buick
models, according to China Central Television.
"GM fully respects local laws and regulations wherever we
operate," the U.S. automaker said in an emailed statement. "We
will provide full support to our joint venture in China to
ensure that all responsive and appropriate actions are taken
with respect to this matter."
SAIC did not immediately respond to a request for comment.
The fine follows comments by U.S. President-elect Donald Trump
questioning the "One China" policy and his naming of Peter
Navarro, a hardliner on trade with China, as a trade adviser,
although there is no evidence that the penalty is a form of
retaliation.
An official at the National Development Reform Commission on
Dec. 14 told state-owned China Daily that the commission would
fine a U.S. automaker for monopolistic behavior, sending GM and
Ford Motor Co <F.N> shares skidding.
Auto industry sources have told Reuters the investigation was
already underway before Trump's recent comments, although it has
raised fears that China could be seizing on the case to send a
shot across the bow of the incoming U.S. administration.
The penalty is the latest against automakers after the
commission began investigations in 2011, with Audi AG <VOWG_p.DE>,
Daimler AG's <DAIGn.DE> Mercedes-Benz, Toyota Motor Corp
<7203.T>, and one of Nissan Motor Co Ltd's <7201.T> joint
ventures previously being targeted.
(Reporting by Jake Spring and Norihiko Shirouzu; Editing by
Jacqueline Wong and Mark Potter)
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