Mexican Media Brands
EU Fines Wiring Harness Makers $180 Million for Rigging Bids
European Union anti-trust regulators have fined three auto suppliers for conspiring to fix the prices and allocation of wiring harnesses they sold in Europe to Honda, Nissan, Renault and Toyota between 2000 and 2009.
#regulations #labor
Share
European Union anti-trust regulators have fined three auto suppliers for conspiring to fix the prices and allocation of wiring harnesses they sold in Europe to Honda, Nissan, Renault and Toyota between 2000 and 2009.
The European Commission levied penalties totaling €136 million ($174 million) on Yazaki Corp. and its S-Y Systems Technologies unit. Furakawa Electric and Leoni AG were fined €4 million ($5 million) and more than €1 million (nearly $2 million), respectively.
Sumitomo Electric evaded a fine because it informed European regulators about the cartel.
The sanctions were the first in the EU to result from an ongoing investigation by authorities in Europe, Japan and the U.S. into bid rigging by auto suppliers. The American government has fined nine companies a combined $809 million and sentenced 14 executives to U.S. prison terms.
RELATED CONTENT
-
BMW Granted License to Test Self-Driving Cars in Shanghai
BMW AG has become the first foreign carmaker to win permission to test autonomous vehicles on public roads in China, according to the Shanghai Daily.
-
Rage Against the Machine
There have been more than 20 reported attacks against Waymo’s self-driving fleet in Chandler, Ariz., since the company began testing the technology on public roads there two years ago.
-
Daimler Cleared to Test Advanced Robotic Cars on Beijing Roads
Daimler AG has become the first foreign carmaker to win permission to test advanced self-driving vehicles on public roads in Beijing.