China fines auto chip sales companies for driving up prices

FILE PHOTO: Cars drive on the road during the morning rush hour in Beijing
FILE PHOTO: Cars drive on the road during the morning rush hour in Beijing, China, July 2, 2019. REUTERS/Jason Lee/File Photo

September 10, 2021

BEIJING (Reuters) – China market regulator said on Friday that it fined three auto chip sales companies for driving up prices, in a move to help auto production in the world’s biggest vehicle market.

The State Administration for Market Regulations said on its website that it fined three companies 2.5 million yuan ($388,300) each.

($1 = 6.4382 Chinese yuan renminbi)

(Reporting by Yilei Sun and Brenda Goh; editing by Philippa Fletcher)