The European Commission has issued a record 2.93 billion euro fine for Volvo/Renault, Daimler, Iveco and DAF, because they have made price arrangements during an astonishing fourteen year period.
Three months to pay
MAN escaped a financial punishment as it was the whistle blower in the case. Between 1997 and 2011, the manufacturers collaborated to make illegal price hike deals, to decide when to introduce new emission technology and to charge the consumer for costs made. These manufacturers control 90 % of the medium-sized trucks built in Europe.
“It is unacceptable that these manufacturers formed a cartel instead of actually competing each other. The struggle against cartels is still one of our priorities“, European Commissioner for Competition Margrethe Vestager said. “The manufacturers have 3 months to pay the fine, which will be added to the EU budget. Member states therefore have to contribute less.”
Daimler will have to pay the largest share of the fine, more than 1 billion euro. The total fine is the largest antitrust fine ever and twice as high as the previous record fine.
