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EU Fines Commercial Truckmakers €2.9 Billion for Price Fixing
Five commercial truckmakers have agreed to pay a combined €2.9 billion ($3.2 billion) for conspiring to fix prices on medium- and heavy-duty commercial trucks for more than a decade.
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Five commercial truckmakers have agreed to pay a combined €2.9 billion ($3.2 billion) for conspiring to fix prices on medium- and heavy-duty commercial trucks for more than a decade.
The cheating, which went on from 1997 to 2011, affected the retail prices of about 90% of commercial trucks sold in Europe during the 14-year period, according to EU Competition Commissioner Margrethe Vestager.
Daimler AG received the largest fine: €1 billion ($1.1 billion). It was followed by DAF at €753 million ($829 million), AB Volvo and and Renault at €670 million ($738 million) each and Iveco €495 million ($545 million).
Volkswagen AG’s MAN truck unit escaped a €1.2 billion ($1.3 billion) fine by helping investigators. MAN’s sister division, Scania, is contesting the investigation’s conclusions.
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