Thursday, 31 August 2017

Automakers face global fines

European Union Competition Commissioner Margrethe Vestager has told Business Insider that VW, BMW, Daimler, Porsche and Audi could face 'very high' fines if it is proved in court that they colluded with other automakers in order to disadvantage foreign carmakers.

German magazine Der Spiegel reported last month that EU and German antitrust regulators had been investigating whether there had was evidence of price fixing. It was suggested that price fixing of diesel emissions treatment systems may have been suggested through VW, BMW, Audi and Porsche using industry committees. The magazine said that VW had admitted to possible anti-competitive behaviour in July.

If found guilty of breaching EU cartel rules, companies face fines of up to 10% of their global turnover.