GM News: China Fines GM $29 Million For "monopolistic pricing"

[William Maley]

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. 

Source: Reuters

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[Guest Wings4Life(BANNED)]

Oh the irony coming from China.

[surreal1272]

42 minutes ago, Wings4Life said:

Oh the irony coming from China.

For once, we are in agreement. 

[oldshurst442]

Well....GM's biggest market is China.

I guess GM will pay the fine and not say another word about it. Suck it up they will just to sell more Buicks...

Could you blame them though?

*SIGH*

Why the sigh?

Because although I understand its karma kicking the US in the ass for similar global foreign policy and economic strong arming that the US has done...it sucks when a country like China flexes its muscles like that!  (slave labour practices, environmental carelessness, cyber hacking, corporate thievery)

(The USA was NEVER that outlaw-ish.....well...except from the 1980s and on when us North Americans allowed Wallstreet to take-over our lives)

OK...this rant does NOT make me feel any better...

[hyperv6]

Global domination is now being fought fiscally. Get use to it.

At least now we may try to work some better deals vs to apologize and play dead.

[daves87rs]

This is just the start.....China is going to become a very, very interesting market in the next few years. And unstable.....

[Drew Dowdell]

That works out to $29.00 or less per Buick sold in China in just 2016..... Plus GM sells a lot more than just Buicks in China.

It's barely even a slap on the wrist.

[David]

Yawn, Next