EU: Commission slaps record cartel fine of $3.24 billion on truck firms

The European Union has slapped its biggest ever cartel fine, worth $3.24 billion and twice the previous record, on several of Europe’s top truck producers for colluding to keep prices artificially high at the expense of consumers.

EU Antitrust Commissioner Margrethe Vestager said EU-based MAN, Volvo/Renault, Daimler, Iveco and DAF “colluded on the pricing and on passing on the costs for meeting environmental standards to customers.”

Germany’s Daimler received the biggest fine of 1 billion euros ($1.1 billion), followed by 752 million euros ($832 million) for DAF of the Netherlands, 670 million euros ($741 million) for Volvo/Renault and 494 million euros ($546 million) for Iveco of Italy.

MAN escaped a 1.2 billion euro ($1.33 billion) fine for revealing the cartel, granting it full immunity. “It pays off to denounce a cartel and end your participation,” said Vestager.

Together, the targeted companies account for 90 percent of all medium and heavy trucks produced in Europe. Since road transport is essential to the open economy of the tightly knit 28-nation bloc, “this cartel concerns a very important part of our economy,” Vestager said.

Full Content: European Commission

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