Tags: eu | antitrust | german | cartel | car | auto

EU Antitrust Regulators Say Probing Possible German Car Cartel

Image: EU Antitrust Regulators Say Probing Possible German Car Cartel
AP/Matt Rourke

Saturday, 22 Jul 2017 01:38 PM

EU antitrust regulators are investigating allegations of a cartel among a group of German carmakers, the European Commission said on Saturday, a measure that could result in hefty fines for the companies.

The Commission and its German counterpart were tipped off about the possible cartel, the EU competition authority said.

"The European Commission and the Bundeskartellamt have received information on this matter, which is currently being assessed by the Commission. It is premature at this stage to speculate further," the EU executive said, without giving more details.

German magazine Der Spiegel reported on Friday that VW , BMW, Audi, Porsche may have colluded to fix the prices of diesel emissions treatment systems using industry committees.

Sixty industry committees made up of about 200 employees discussed vehicle development, brakes, petrol and diesel engines, clutches and transmissions as well as exhaust treatment systems, Der Spiegel reported, citing a letter sent to cartel authorities.

It said Volkswagen admitted to possible anti-competitive behavior in a letter to cartel authorities on July 4. Volkswagen and Daimler declined to comment on Friday and BMW was not available to comment.

Companies found guilty of breaching EU cartel rules face fines of as much as 10 percent of their global turnover.

The car industry has been hit with billion-euro fines on both sides of the Atlantic in recent years for cartels related to various parts such as lighting systems, engine coolers and bearings. 

© 2017 Thomson/Reuters. All rights reserved.

 
1Like our page
2Share
Markets
EU antitrust regulators are investigating allegations of a cartel among a group of German carmakers, the European Commission said on Saturday, a measure that could result in hefty fines for the companies.
eu, antitrust, german, cartel, car, auto
235
2017-38-22
Saturday, 22 Jul 2017 01:38 PM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved