NEW YORK (TheStreet) -- General Motors Co. (GM) said its passenger vehicle joint venture in China with SAIC Motor Corp. was contacted by the nation’s antitrust regulator amid an industry investigation that has seen at least seven foreign car makers cut prices, Bloomberg reports.
China’s main economic planner, which has primary responsibility for oversight of pricing, has pressured car makers in the past month to cut prices as part of an investigation into the auto industry that started in late 2011. The NDRC has said the probe was meant to ensure market order and protect consumer interests, Bloomberg said.
Shares of General Motors are up 0.36% to $33.92 in early afternoon trade.
TheStreet Ratings team rates GENERAL MOTORS CO as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate GENERAL MOTORS CO (GM) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth and largely solid financial position with reasonable debt levels by most measures. We feel these strengths outweigh the fact that the company has had lackluster performance in the stock itself."