Lexus to cut spare parts prices by average 26%
Print Edition
LEXUS, the luxury brand of Toyota, yesterday said it will cut the prices of its spare parts by 26 percent on average from next month, in response to the industry-wide anti-trust investigation led by the National Development and Reform Commission.
The announcement came one day after the NDRC imposed a total fine of 1.24 billion yuan (US$202 million) on 12 Japanese manufacturers of auto parts and bearings for operating cartels that fixed prices and manipulated the market.
Lexus’ price cuts will affect about 15,000 spare parts, which include the radiator assembly, with its price reduced by 35 percent, as well as the powertrain and transmission, down by 30 percent.
Before Lexus, Guangzhou Honda and GAC Toyota were the only Japanese firms that cut prices.
As a “proactive response” to the NDRC’s investigation, the three biggest luxury carmakers in China — Audi, BMW and Mercedes-Benz — had announced price cuts for spare parts, after-sales services, or vehicles before news of their involvement in the price-fixing broke out.
Jaguar Land Rover has also cut prices since China’s anti-trust probe became public.
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