EU hits truck cartel with record price fixing fine

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The Italian truckmaker Iveco has been hit with a €495m fine. Photo: Iveco
15:26 CEST+02:00
Italy's Iveco was fined €495 million on Tuesday for forming a cartel with other European truckmakers.

In total, the European Commission slapped more than €2.9 billion in fines on some of Europe's largest truckmakers, including Sweden's Volvo and Germany's Daimler, after it found that they had broken EU antitrust rules by rigging prices.

It follows a long investigation covering the years between 1997 and January 2011.

"We have today put down a marker by imposing record fines for a serious infringement," said Margrethe Vestager, the commissioner for competition, in a statement.

"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. 

"It is not acceptable that MAN, Volvo/Renault, Daimler, Iveco and DAF, which together account for nine out of every ten 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."

Germany's Daimler was fined the highest amount, around €1 billion. Italy's Iveco was told to pay up to €495 million, while DAF Trucks received a fine of €753 million. Germany's MAN, which is part of Volkswagen, escaped punishment because it had revealed the existence of the cartel to the Commission.

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

Iveco was formerly part of Fiat and is now owned by CNH industrial.

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