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Truckmakers Get Record $3.24 Billion EU Fine for Cartel

  • Daimler fined $1.12 billion, DAF Trucks fined $832.6 million
  • Companies got lower fines by agreeing to settle case

Truckmakers, including Daimler AG and Paccar Inc.’s DAF Trucks, agreed to pay European Union regulators a record 2.93 billion euros ($3.24 billion) in fines for fixing truck prices over 14 years.

Daimler got the largest penalty of 1.01 billion euros and DAF will pay 752.7 million euros as part of a settlement with the European Commission that cut potential fines by at least 10 percent. Volvo AB and its Renault trucks brand face a 670.4 million euro fine and CNH Industrial NV’S Iveco will pay a 494.6 million-euro fine.

Fines are high because "this cartel concerns a very large market and continued for a very long time," EU Competition Commissioner Margrethe Vestager told reporters in Brussels Tuesday. The companies’ actions fixed the prices for around nine out of every 10 medium and heavy truck sold in Europe, she said.

The auto industry is the...