EU Fines Truck Makers $3.2 Billion

July 22, 2016
The European Commission, executive branch of the European Union, has fined truck producers MAN, Volvo/Renault, Daimler, Iveco and DAF for price-fixing and operating a cartel aimed at delaying the installation of pollution-curbing exhaust pipes and engines, according to reports.

The European Commission, executive branch of the European Union, has fined truck producers MAN, Volvo/Renault, Daimler, Iveco and DAF for price-fixing and operating a cartel aimed at delaying the installation of pollution-curbing exhaust pipes and engines, according to reports.

OEMs have been fined 2.9 billion euros, or $3.2 billion. According to a New York Times report, the commission can impose fines of up to 10% of a company’s global sales for breaking EU competition laws. The companies have the right to appeal.

Together, the five companies account for about nine in 10 medium and heavy trucks produced in Europe, the commission said.

A sixth company, Scania, was not included in the fines announced on Tuesday as it has not settled.

The European Commission can impose fines of up to 10 percent of a company’s global worldwide sales for breaking European Union competition laws. The companies have the right to appeal, seeking to overturn or lower the fines, at the Court of Justice of the European Union in Luxembourg.

The full story is here.