Five of the most popular truck manufacturers in Europe have been hit with massive fines after it was found they had colluded on pricing and the introduction of new technology.
MAN escapes penalty after blowing the whistle on the industry, while Volvo/Renault, Daimler and Iveco cooperated with the EU and had their fines reduced.
The EU said the brands had been acting as a cartel to fix prices of medium and heavy-duty trucks and time the introduction of technologies to comply with emissions rules for 14 years, up until a 2011 investigation put a stop to the illegal operation.
Daimler faces the largest single fine, slightly more than 1 billion euros ($1.47 billion AUD).
“Daimler regrets these occurrences and took appropriate action some time ago,” according to a statement released by the company.
“Daimler takes its responsibility with regard to competition law very seriously and has taken all appropriate measures to ensure that all employees act in compliance with applicable law.
“The company has strengthened its internal controls and has intensified its regular and comprehensive employee training with regard to antitrust law and competition law.”