China fines auto chip sales companies for pushing up prices

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BEIJING — China market regulator said on Friday that it fined three auto chip sales companies for driving up prices, in a move to help auto production in the world’s biggest vehicle market.

The State Administration for Market Regulations said on its website that it fined three local companies a total of 2.5 million yuan ($388,300). The companies are Shanghai Chengsheng Industrial Co Ltd, Shanghai Cheter and Shenzhen Yuchang Technologies.

The regulator said it would continue to closely monitor the price in chip industry and crackdown on illegal market behaviors to maintain market order.

A prolonged global chip shortage has affected major automakers, including Ford Motor, Honda Motor, General Motors and Volkswagen, forcing many to idle or curtail production.

($1 = 6.4382 Chinese yuan renminbi) (Reporting by Yilei Sun and Brenda Goh; editing by Philippa Fletcher and Jane Merriman)