The European Commission has imposed a fine of almost €3 billion on truck makers MAN, Volvo/Renault, Daimler, Iveco, and DAF after they broke EU antitrust rules.
According to the EU executive, the truck makers colluded for 14 years on truck pricing and on passing on the costs of compliance with stricter emission rules.
“It is not acceptable that MAN, Volvo/Renault, Daimler, Iveco and DAF, which together account for around 9 out of every 10 medium and heavy trucks produced in Europe, were part of a cartel instead of competing with each other,” EU Competition Commissioner, Margrethe Vestager said on Tuesday,
“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,” Vestager added.
All companies acknowledged their involvement and agreed to settle the case.