European Commission fines VW unit more than $1 billion

The European Commission has fined German automaker Volkswagen A.G.’s Swedish unit Scania A.B. more than $1 billion for fixing truck prices, Bloomberg reported. The EC said that Scania colluded for 14 years with five truck manufacturers on truck pricing and on ways to pass the costs of new technologies to meet stricter emission rules. “This cartel affected very substantial numbers of road haulers in Europe, since Scania and the other truck manufacturers in the cartel produce more than nine out of every 10 medium and heavy trucks sold in Europe,” said Margrethe Vestager, EU’s competition commissioner.
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