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Korea Probes German Carmakers for Price Fixing
South Korea's Fair Trade Commission raided the offices of three German automakers late last week, according to a local industry group.
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South Korea's Fair Trade Commission raided the offices of three German automakers late last week, according to a local industry group.
The Korea Automobile Importers and Distribution Assn. (KAIDA) says the FTC is investigating allegations that Audi, BMW, Mercedes-Benz and Volkswagen colluded to fix prices of aftermarket parts. The makers of those brands confirm the probe.
Korean authorities have taken similar actions in the past that did not result in findings of misconduct.
The trade group says its own premises also were raided by the watchdog agency. KAIDA accuses the country's government of "witch-hunting" foreign carmakers.
Last year sales of import brands jumped 25% to capture 10% of Korea's vehicle market. German automakers account for three-quarters of that volume.
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