China: Toyota’s luxury unit Lexus also cutting prices image

Toyota, the world’s largest automaker, has announced that in relation to the ongoing antitrust probe in China, it has moved to lower prices of auto parts for its luxury Lexus cars.

The country – the biggest single auto market in the world – has been recently engulfed in a huge network of antitrust and anti monopoly investigations that have spread across numerous industries – from milk producers to technology firms.

Among the largest is the one pertaining to the auto sector, where numerous complaints from state media about consumers paying more than in the West prompted the National Development and Reform Commission, the country’s price regulator, to open a wide-ranging probe.

“In response to the NDRC’s concerns over monopoly practices in the industry, Lexus China will cut prices of spare parts in China starting from Sept. 1,” said the company in a statement. “The company will ensure full compliance with the Chinese law, improve management behavior … protect interests and rights of customers and contribute to the China auto industry.”

Lexus is just the latest premium automaker to cut prices, after previously Audi, BMW, Mercedes-Benz and Jaguar Land Rover, together with mainstream makers Chrysler, Toyota or Honda made the same move, in order to appease the regulator.

Via Reuters