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European truck makers hit with multi-billion-dollar fine in price fixing scheme

The DAF XFThe DAF XF

The European Commission Tuesday fined Volvo/Renault, Daimler, Iveco, and DAF a record $3.24 billion following charges the group broke EU antitrust rules by colluding for 14 years on truck pricing and on passing on the costs of compliance with stricter emission rules.

“In all, there are over 30 million trucks on European roads, which account for around three quarters of inland transport of goods in Europe and play a vital role for the European economy,” Commissioner for Competition, Margrethe Vestager said. “It is not acceptable that MAN, Volvo/Renault, Daimler, Iveco and DAF, which together account for around nine out of every 10 medium and heavy trucks produced in Europe, were part of a cartel instead of competing with each other. For 14 years they colluded on the pricing and on passing on the costs for meeting environmental standards to customers. This is also a clear message to companies that cartels are not accepted.”

MAN was not fined as it revealed the existence of the cartel to the commission.

All companies acknowledged their involvement and agreed to settle the case.

 

Overdrive sister site CCJ has more on this story at this link.

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