21 November 2019 1 Min Read
Germany fines BMW, Daimler, Volkswagen for forming steel cartel
Robotic arms manufactured by Kuka AG operate on a Volkswagen Passat saloon chassis on the automated welding production line inside the VW factory in Emden, Germany.
Image: Krisztian Bocsi/Bloomberg via Getty Images
Image: Krisztian Bocsi/Bloomberg via Getty Images
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Germany's cartel authority said on Thursday it was fining the country's three major carmakers — BMW, Volkswagen and Daimler — €100m (about R1,6bn) for unlawful actions in relation to steel purchases.
The carmakers unlawfully co-ordinated on the prices they paid for steel from suppliers, the cartel office said in a statement, adding that the resulting prices were paid until at least 2016.
All three companies accepted what the cartel office determined, it added.
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