Mexican Media Brands
EU Fines Yazaki, Furakawa, Leoni for Wiring Harness Cartel
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 what would have been a €292 million ($374 million) fine because it informed European regulators about the cartel. The other companies won 10% reductions in their original penalties by admitting to participation in the scheme.
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
-
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.
-
Toyota Targets 2021 Launch for V2V Tech in U.S.
Toyota Motor Corp. plans to expand its vehicle-to-vehicle communication technology to the U.S. by 2021 and offer it across most Toyota and Lexus models in the country by mid-decade.
-
U.S. in No Hurry to Regulate Autonomous Vehicles
The National Highway Traffic Safety Administration says the emerging technology involved in self-driving cars is too new to be tightly regulated.