Hong Kong (CNN Business) Chinese regulators have fined Ford's main joint venture in the country for violating antitrust laws.

China's State Administration for Market Regulation slapped Changan Ford with a 162.8 million yuan ($23.6 million) fine for setting minimum resale prices on its cars in the city of Chongqing, according to a statement posted on the regulator's website on Wednesday.

Ford F The fine amounts to 4% of the company's sales in Chongqing last year.owns 50% of the joint venture, with the rest controlled by its local partner, state-owned carmaker Changan Automobile.

Changan Ford's actions deprived downstream dealers of pricing autonomy, restricted competition and damaged the legitimate interests of consumers, the regulator said.

Ford said it "respects" the market regulator's decision.