| SHANGHAI/NEW DELHI, July 25
SHANGHAI/NEW DELHI, July 25 British luxury
carmaker Jaguar Land Rover, owned by India's Tata Motors Ltd
, said it planned to cut prices on three models in
China due to the government's anti-monopoly probe.
Jaguar Land Rover will cut prices on the cars by an average
of 200,000 yuan ($32,300) starting Aug. 1, after the National
Development and Reform Commission (NDRC), China's state planner,
launched an investigation into the auto industry, the company
said in a statement on Friday.
"Due to the importance of the Chinese market, Jaguar Land
Rover China immediately set up a process to review our pricing
and decided to voluntarily reduce the price of three models,"
the carmaker said.
The price adjustment will also strengthen competitiveness
and increase market share in China, Jaguar said.
Tata shares slumped 5 percent on Friday, their biggest
single-day fall since January.
China's auto sector, dominated by foreign players such as
Volkswagen AG and Toyota Motor Corp, has
become the latest industry to be targeted by antitrust
regulators, who have already punished companies in sectors
ranging from milk powder to eye glasses over pricing.
Jaguar Land Rover will cut its suggested retail price of
three models including the Ranger Rover 5.0 V8, Ranger Rover
Sports 5.0 V8 and Jaguar F-Type Cabriolet.
Last week, local and foreign media reported that foreign car
makers including Mercedes-Benz were being probed by NDRC for
possibly over-charging customers in China.
Earlier this week, Nicholas Speeks, head of China sales at
Daimler AG's Mercedes-Benz, said he was unaware of
any NDRC investigations but added that the price regulator had
expressed some concerns to the German luxury carmaker. It did
Jaguar said its price cut was in response to the industry
investigation by the NDRC's Bureau of Price Supervision and
NDRC said in the past that it was collecting evidence of
possible anti-competitive behaviour in China's vehicle and
($1 = 6.1913 Chinese Yuan)
(editing by Jane Baird)