Truckmakers Get Record $3.23 Billion EU Fine for Cartel
- Daimler fined $1.1 billion, DAF Trucks fined $830 million
- Companies got lower fines by agreeing to settle case
Europe's Competition Chief: Truck Cartel Fine Justified
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Daimler AG , Paccar Inc.’s DAF and other truckmakers agreed to pay European Union regulators a record 2.93 billion euros ($3.23 billion) in fines for fixing prices of medium- and heavy-duty vehicles over 14 years.
Daimler got the largest penalty of 1.01 billion euros and DAF will pay 752.7 million euros as part of a settlement with the European Commission that cut potential fines. Volvo AB and its Renault trucks brand face a 670.4 million-euro fine and CNH Industrial NV’S Iveco will pay 494.6 million euros.