€2.93bn record fine for manufacturers

Posted by Chris Peat on | No Comments
€2.93bn record fine for manufacturers

MAN, Volvo/Renault, Daimler, Iveco and DAF have been given a record fine of EUROS2,926,499,000 for breaking EU antitrust rules. According to the European Commission, the companies colluded for 14 years on truck pricing and on passing on the costs of compliance with stricter emission rules. MAN was not fined as it revealed the existence of the cartel to the Commission. All companies acknowledged their involvement and agreed to settle the case. The decision relates specifically to the market for the manufacturing of medium (six to 16 tons) and heavy trucks (over 16 tons), with PCVs not being mentioned in the case. The infringement lasted from 1997 until 2011.

Commissioner for Competition at the European Commission, Margrethe Vestager, said, ‘We have today put down a marker by imposing record fines for a serious infringement. In all, there are over 30 million trucks on European roads, which account for around three quarters of inland transport of goods in Europe and play a vital role for the European economy. It is not acceptable that MAN, Volvo/Renault, Daimler, Iveco and DAF, which together account for around 9 out of every 10 medium and heavy trucks produced in Europe, were part of a cartel instead of competing with each other. For 14 years they colluded on the pricing and on passing on the costs for meeting environmental standards to customers. This is also a clear message to companies that cartels are not accepted.’

Cookies

This site uses some unobtrusive cookies to store information on your computer, these are in place to ensure that you receive the best possible experience when using the Bus & Coach Buyer website.