China’s top market watchdog said it was investigating auto chip dealers that it suspects are driving up prices during the global chip shortage
On Tuesday, the State Administration for Market Regulation said it would enhance market scrutiny and crack down on illegal practices like hoarding, price gouging and collusion. The regulator didn’t name any companies that were being investigated.
Car makers were among the first and hardest hit by the ongoing chip shortage in recent months. Soaring demand for semiconductors after Covid-19 lockdowns ended in many regions coincided with widespread chip manufacturing disruptions. Ford Motor Co. , General Motors Co. and Volkswagen AG , among others,While China’s auto market incurred less damage, the country’s auto industry officials have recently blamed the semiconductor shortage for declining sales.
The world-wide race to secure chips in the automotive sector and beyond has led to price increases and booming business for
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