EU slaps record cartel fine of $3.24 billion on truck firms

Associated Press ^ | Jul. 19, 2016 10:45 AM EDT | Raf Casert

[Olog-hai]

The European Union has slapped its biggest ever cartel fine, worth $3.24 billion and twice the previous record, on several of Europe’s top truck producers for colluding to keep prices artificially high at the expense of consumers.

EU Antitrust Commissioner Margrethe Vestager said EU-based MAN, Volvo/Renault, Daimler, Iveco and DAF “colluded on the pricing and on passing on the costs for meeting environmental standards to customers.”

Germany’s Daimler received the biggest fine of €1 billion ($1.1 billion), followed by €752 million ($832 million) for DAF of the Netherlands, €670 million ($741 million) for Volvo/Renault and €494 million ($546 million) for Iveco of Italy.

MAN escaped a €1.2 billion ($1.33 billion) fine for revealing the cartel, granting it full immunity. "It pays off to denounce a cartel and end your participation," said Vestager. …

[Olog-hai]

They sure are shooting themselves in the foot. They are reliant on trucking for about 95 percent of land-based freight; all those state-owned railroads are primarily passenger roads and only about 5 percent of their traffic is freight. There is no capacity to shift modes, obviously.

FTR, MAN is VW’s trucking division. You can bet their competitors are going to think up some means of retaliation.

[jsanders2001]

Oh so THAT’s the purpose for the existence of the EU.../s

I would tell them stuff it and bring high end attorneys to shut them down and file a counter suit

[jessduntno]

Time for TRUXIT.

[umgud]

Our EPA are slaggerts.

[spokeshave]

and on passing on the costs for meeting environmental standards to customers.”

Ha.....seems they need some more "environmental standards"

I guess socialism fails when they run out of environmental standards

As they say in the UK:

Health and Safety going Crazy.

[TruthWillWin]

"....and on passing off the costs of meeting environmental standards to customers"

? Where do they think the money to pay those costs will come from, last time I checked companies that make trucks could not print money.

[JohnBrowdie]

I guessing the EU slaps tariffs on foreign competition that leaves european truck consumers at the mercy of monopolistic pricing by european truck producers.

the whole thing is a sickening, self ratifying circle of graft and regulation.

[4rcane]

next up, Apple colluding to keep ebook prices up $10 billion fine

[Mr Radical]

Truck makers are pricing too high? Wow, a $3.24 billion levy on the truck makers is going certainly to help!
Following BRexit, they will be really desparate to make up the shortfall in their EU budget!

[IronJack]

Nothing more than wealth redistribution from the private sector to the EU. Socialism writ large.

Refuse to pay.

[dila813]

““colluded on the pricing and on passing on the costs for meeting environmental standards to customers.””

OH THE HORROR!, Green Policy Increases Costs