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Hyundai Hit with Big Fine for Fixing Truck Prices in Korea
South Korea's Fair Trade Commission has levied combined penalties of 116 billion won ($104 million) against Hyundai Motor Co. and six truckmakers that import vehicles to Korea.
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South Korea's Fair Trade Commission has levied combined penalties of 116 billion won ($104 million) against Hyundai Motor Co. and six truckmakers that import vehicles to Korea.
The watchdog group alleges that the companies participated in a price-fixing scheme that inflated prices of cargo vehicles, dump trucks and tractors sold in the country.
The other companies are the Korean units of Daimler Trucks, Iveco, MAN, Tata Daewoo, Scania and Volvo. The FTC says that in 55 meetings between December 2002 and April 2011, the seven companies exchanged information about inventory levels, timing of vehicle launches and planned promotions and price increases.
The anti-trust authorities imposed the heaviest fine 71.7 billion won ($64 million) on Hyundai. The company says it has shared sales figures at industry meetings. But Hyundai insists it has never set prices based on information gathered at those sessions.
The automaker has agreed to pay the penalty.
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