China fines local unit of Toyota $12.5 mil. for antitrust violations

China's market regulator said Friday that Toyota Motor Corp.'s local unit has been hit with a fine of 87.61 million yuan ($12.5 million) for violating antitrust laws.According to the announcement by the State Market Regulatory Administration, the Division of Market Supervision of Jiangsu Province deemed that the unit had breached the law by setting a minimum resale price for the Japanese automaker's luxury Lexus brand cars.The minimum price was set at meetings of dealers in various districts of Jiangsu Province in 2015 to 2018, according to the announcement.The division pointed out that the…READ FULL ARTICLE