Automotive sector back in EU’s antitrust crosshairs By Reuters

© Reuters. FILE PHOTO: EU flags flutter in front of the European Commission headquarters in Brussels, Belgium October 2, 2019. REUTERS/Yves Herman

By Foo Yun Chee

BRUSSELS (Reuters) -EU antitrust regulators on Tuesday raided several automotive companies and associations in several countries on suspicion of breaching the bloc’s cartel rules.

The European Commission also sent companies requests for information, it said without disclosing company names.

“The inspections and requests for information concern possible collusion in relation to the collection, treatment and recovery of end-of-life cars and vans which are considered waste,” the EU competition enforcer said in a statement.

German carmaker BMW said it has received a request for information and would respond.

Mercedes Benz said it does not expect to be fined because it is a leniency applicant and is cooperating extensively with the Commission and the UK Competition and Markets Authority (CMA).

Volkswagen (DE:) and its premium brand Audi both declined to comment. Carmakers Ford, Stellantis, Renault (PA:) and Ferrari (NYSE:) did not immediately respond to requests for comment.

The CMA also opened an investigation into a number of unnamed vehicle makers and some industry bodies and said it was cooperating with the Commission.

Companies found breaching EU cartel rules face fines up to 10% of their global turnover.

The Commission has in the past decade issued fines totalling about 2.2 billion euros ($2.4 billion) against car parts cartels dealing in products ranging from brakes to wire harnesses, seat belts and air bags.

($1 = 0.9105 euros)

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Be the first to comment

Leave a Reply

Your email address will not be published.


*