Mercedes-Benz has received a hefty 350 million yuan ($56 million) fine in China after being found guilty of price fixing.

Mercedes-Benz has received a hefty 350 million yuan ($56 million) fine in China after being found guilty of price fixing.

The Daimler-owned company is being accused of forcing dealers to establish minimum sales prices for some models and spare parts and they also issued warnings to those who didn't comply. According to the pricing bureau in China's eastern Jiangsu province, Mercedes-Benz has violated the anti-monopoly law, thus damaging the fair market competition and harming consumer rights. Moreover, some Mercedes-Benz dealers have received a combined fine of 7.7 million yuan ($1.24 million).

The investigation conducted by the Jiangsu pricing regulator discovered that Mercedes-Benz dealerships had "monopoly agreements to cap the lowest sales prices of E-class, S-class models and certain spare parts."

Daimler issued a statement saying "Mercedes-Benz China accepts the decision and takes its responsibilities under the competition law very seriously." In addition, the corporation mentions "we have taken all appropriate steps to ensure to fully comply with the law."

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Mercedes-Benz fined $56 million in China for price fixing