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Automotive Industry
The EU has doled out €458 million in fines to Volkswagen, Stellantis and 13 other automakers for colluding on their vehicle recycling programs.
The European Commission said the 15 major carmakers and their trade association had run a long-lasting cartel concerning the terms for recycling old vehicles.
While the cartel involved almost every major automaker, European groups received some of the biggest fines. Volkswagen was hit with a €127 million fine, Renault-Nissan with a €81 million fine and Stellantis with a €75 million fine. U.S. manufacturers were also targeted, with Ford receiving a €41 million fine for its conduct.
Several Asian manufacturers including Toyota were also fined.
The Commission said that the manufacturers and their association, the European Automobiles Manufacturers' Association (ACEA), had colluded to fix the market for recycling end-of-life vehicles and that European consumers had suffered as a result.
“We will not tolerate cartels of any kind, and that includes those that suppress customer awareness and demand for more environmental-friendly products,” said Competition Commissioner Teresa Ribera in a statement.