Tags: scania | vw | volkswagen | fine | price | fixing

VW's Scania Unit Fined $1 Billion by EU for Price Fixing

Image: VW's Scania Unit Fined $1 Billion by EU for Price Fixing
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Wednesday, 27 September 2017 08:14 AM

EU regulators fined Scania 880 million euros ($1 billion) on Wednesday for taking part in a truckmakers cartel which has already cost four of its peers a combined 2.9 billion euro penalty.

The European Commission said Scania, owned by German carmaker Volkswagen, colluded for 14 years with the other cartel members on truck pricing and on passing on the costs of new technologies to meet stricter emission rules.

In July, Volkswagen’s MAN, Daimler, Volvo, Iveco and DAF admitted to taking part in the cartel in return for a 10 percent cut in their fines. Scania did not settle.

Scania’s fine is the second highest after Daimler’s 1 billion euro penalty. MAN escaped a fine as it blew the whistle on the cartel. The companies made more than nine out of every 10 medium and heavy trucks sold in Europe.

“Instead of colluding on pricing, the truck manufacturers should have been competing against each other - also on environmental improvements,” European Competition Commissioner Margrethe Vestager said.

The EU competition enforcer said its investigation did not reveal any links between the cartel and allegations of carmakers cheating on emissions control testing.

© 2018 Thomson/Reuters. All rights reserved.

   
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EU regulators fined Scania 880 million euros ($1 billion) on Wednesday for taking part in a truckmakers cartel which has already cost four of its peers a combined 2.9 billion euro penalty.
scania, vw, volkswagen, fine, price, fixing
189
2017-14-27
Wednesday, 27 September 2017 08:14 AM
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