Changan Ford Automobile, the joint venture of US carmaker Ford and Changan Auto, was fined 162.8 million yuan (US$23.6 million) for implementing vertical monopoly agreements, according to a statement by China’s State Administration for Market Regulation.

Changan Ford has restricted the minimum vehicle resale prices for downstream dealers in Chongqing municipality since 2013, violating China’s anti-monopoly law, the administration said, adding that such practices deprived the downstream dealers of pricing autonomy, excluded and restricted competition among brands.

In accordance with the anti-monopoly law, the amount of the fine equals 4% of the company’s sales in Chongqing last year.

Changan Ford said later in a statement on its website that it would “fully respect and firmly enforce the penalty.” It has taken action to work with dealers to regulate regional sales management and its business activities, the company said.