THE European Commission (EC) has hit some of the continent’s biggest truck manufacturers with huge fines after it smashed a price-fixing cartel.All of the truck makers fingered by the EC admitted their liability and agreed to pay €2.93bn (R46.25bn) in fines, including Italy’s Iveco, Germany’s Daimler (Mercedes-Benz), the Swedish/French Volvo/Renault alliance and DAF.MAN was also found guilty in the investigation, but received no fine as it brought the issue to the EC’s attention in the first place, while Scania remains under investigation for price fixing.Daimler, maker of Mercedes-Benz trucks, was hit hardest, fined more than €1bn, while DAF was hit for €753m, Volvo/Renault €640m and Iveco €495m.The EC found the companies had broken European Union law by forming a cartel to rig the gross-list prices and passing on emissions technology costs to consumers between 1997 and 2011. The antitrust finding relates to medium (six to 16 tonnes) and heavy (more than 16 tonnes) trucks."We have ...
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