CHINA REGULATOR FINES TOYOTA FOR BREACHING ANTI-MONOPOLY LAWS
China's market regulator on Friday fined Toyota Motor Corp., Japan's largest automaker, 500,000 yuan ($77,313) for violating anti-monopoly laws, Mainichi Shimbun reported.
Toyota failed to report to the authorities in advance when in 2019, it set up a joint venture with Didi Chuxing, a major Chinese ride-hailing service, the regulator said.
The latest move came as Chinese President Xi Jinping has pledged to strengthen measures to curb the monopolistic behavior and disorderly capital expansion of information technology [IT] giants in the country.
In March, Japanese wireless carrier SoftBank Corp. was also fined by the Chinese authorities for the same reason.