The EU competition commissioner, Margrethe Vestager, has fined five of the largest European truck manufacturers a record breaking €2.93bn. The five companies: Iveco, DAF, Volvo/ Renault, Daimler and MAN, fixed prices for their trucks and worked together to delay the introduction of emissions technology. The fine has been given after a five year investigation staring in 2011 by the EU competition commission.
MAN avoided the penalty which would have been €1.2bn, as it was the whistleblower in the case. Volvo, Iveco and Daimler got reduced fines as they co-operated with the investigation. However the sum is still big. Volvo/Renault was fined €670.4m, they got a 40% reduction for their co-operation and another 10% for agreeing to settle. Iveco was fined €494.6m and got a 20% reduction for co-operating and agreeing to pay the fine. DAF who did not co-operate was fined €752.7m which include a 10% reduction for agreeing to settle. Among the companies Daimler has got the highest fine of €1.01bn, a 30% reduction for co-operating and 10% for agreeing to settle. The fines which will paid in three months.