China has fined General Motors $29 million for monopolistic pricing according to Reuters. This ends speculation that we first brought to light last week. The fine is due to GM setting minimum prices on certain Buick, Cadillac, and Chevrolet models.
"GM fully respects local laws and regulations wherever we operate. 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," GM said in a email statement.
It was speculated that the fine is due to comments made by president-elect Donald Trump about the U.S. possibly recognizing Taiwan. But sources tell Reuters that the investigation was already underway before Trump's comments. This is possibly a move by China to protect their companies.