Toyota in China is cutting parts prices for its luxury Lexus models in response to heightened regulatory scrutiny over anti-trust issues.
Prices on about 15,000 parts will be reduced by an average 26% from next month, according to a statement posted on the Lexus website in China. The move follows similar reductions announced by German carmakers in the country.
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The statement said that in response to concerns over monopoly practices in the industry, Lexus China will cut prices of spare parts in China starting from September. 1.
The National Development and Reform Commission, the country’s price regulator has been clamping down on what it sees as anti-competitive behaviour, not only in the auto industry. Also affected are food and electronics firms.
BMW, Audi and Mercedes-Benz have already announced price cuts on some parts in China. The official Xinhua news agency reported earlier this month that Mercedes-Benz has been found guilty of manipulating prices for after-sales services in China.
Earlier this week China fined 12 Japanese vehicle parts makers a record 1.2bn yuan (US$201m) for manipulating prices.
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By GlobalDataSee also: COMMENT: Regulatory concerns grow in China
