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Argentina: Volkswagen, GM slapped with price-fixing penalties

 |  December 16, 2014

Argentinian authorities have issued millions of dollars of fines on several major auto makers for price-fixing, say reports.

The nation’s National Commission for the Defense of Competition sanctioned Volkswagen, General Motors, Renault, Ford, Fiat, Peugeot-Citroen, Toyota and Honda a total of $124 million for the anticompetitive conduct, the watchdog said. The companies were found to have sold vehicles in certain tax-free zone of the nation for the same price the cars are sold elsewhere. The practice “served only to cause harm to consumers,” the authority said Sunday, adding that the only way prices could remain the same in the tax-free zone “is under some kind of agreement or practice that distorts competition.”

Volkswagen, GM, Renault, Ford, Fiat and Perugeot-Cirtroen were each fined $17.5 million; Toyota was fined $12.1 million, and Honda was fined $6.5 million, reports say.

Full content: Latin American Herald Tribune

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