Volkswagen, Stellantis and 13 other car makers hit with €458-million EU cartel fine [Globe and Mail, The (Toronto, Canada)]
Stellantis N.V. Common Shares (STLA)
Company Research
Source: Globe and Mail, The
a total of €458-million ($495-million) by EU antitrust regulators on Tuesday for taking part in a vehicle recycling cartel. The European Commission, which raided the companies three years ago, said the cartel, which involved end-of-life vehicles, took place from May 2002 to September 2017, with automakers association ACEA organizing meetings and contacts between the companies. End-of-life vehicle recycling is when cars are dismantled and processed for recycling and disposal once they are no longer fit for use. The EU competition watchdog said the companies agreed not to compete with each other in advertising the extent to which their cars could be recycled and agreed to keep quiet on how much recycled materials are used in new cars. They also agreed not to pay car dismantlers for processing the end-of-life vehicles. EU laws require car makers to bear the costs of recycling such vehicles if needed, allowing car owners to dispose of cars free with a dismantler. “We will not tolerat
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