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.
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.