Mercedes-Benz hit with fine for price fixing in Jiangsu

Authorities in Jiangsu have fined Daimler AG’s (DAI.FRA, DAI.ETR) Mercedes-Benz RMB350 million (roughly US$57) for price fixing, a small fine that nonetheless represents an ongoing increase in scrutiny of foreign firms under China’s antimonopoly laws, The Wall Street Journal reported, citing a written statement from the province’s price regulators. The statement claimed regulators found Mercedes-Benz had colluded with dealers on the prices of some car classes and spare parts, and that the fine was equivalent to 7% of the company’s revenue in Jiangsu last year–short of the maximum 10% fine possible.