GM shares slide as China threatens to slap unnamed US carmaker with antitrust fine

‘Stocks of top US automakers crashed on Tuesday after China promised to penalize an unnamed American car manufacturer for monopolistic behavior. General Motors shares fell 3.77 percent, while Ford declined almost two percent.
According to the director of the National Development and Reform Commission Zhang Handong, Chinese investigators found an unnamed American car producer instructed distributors to fix prices from 2014.
“We are unaware of the issue,” said Mark Truby, Ford’s chief spokesman for its Asia-Pacific operations. “GM fully respects local laws and regulations wherever we operate. We do not comment on media speculation,” the company said.’
Read more: GM shares slide as China threatens to slap unnamed US carmaker with antitrust fine