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BYD's Thai Dealer Fined after Hiking Prices at Discount Campaign End, Alleged of Misleading Consumers
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The Thai government recently ruled that BYD COMPANY (01211.HK) has not violated the law by discounting its cars in Thailand, but the company still has to pay a fine, foreign media reported. The Thai Consumer Protection Commission launched an investigation in July into Rever Automotive, the Thai dealer of BYD cars, after receiving complaints that it might have misled consumers about the prices of its cars. The dealer was alleged to have told customers that the prices of the cars would be raised after a discount program ended, but the prices were actually lowered further, causing some consumers to lose US$9,000 in discounts. BYD holds a 20% stake in Rever Automotive. The Thai authorities fined the dealer and the executives US$3,498, but concluded that the discounts did not violate advertising laws because the discounts did lead to a decrease in the prices of the cars. AAStocks Financial News |
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