Toyota Motor Corp. said it will cut prices of spare parts in China for its Lexus vehicles next month following an antitrust probe China has opened into the auto industry.
Toyota will reduce prices of about 15,000 Lexus parts by an average of 26 percent from Sept. 1, the company said in a statement posted on the Lexus China website Wednesday. Prices for radiator parts will be cut by 35 percent, while engines and transmissions will be lowered 30 percent.
Lexus joins BMW, Mercedes-Benz and Audi among foreign carmakers lowering prices in response to China’s antitrust probe into the auto industry. The announcement came on the same day the National and Development Reform Commission found 12 Japanese parts makers guilty of price-fixing and doled out total fines of 1.24 billion yuan ($200 million).
The cuts were made in response to the NDRC’s concerns over pricing practices in the industry, Toyota spokesman Naoki Sumino said.