EU set to impose a record cartel fine

Truck makers have set aside more than €2.6bn to pay the European Commission

EU set to impose a record cartel fine

Yves Logghe / AP/Press Association Images

The EU is preparing to issue the biggest cartel fine in the history of the Union to a number of truck makers who have been accused of fixing prices and delaying the introduction of emission technologies.

Its competition commissioner is expected to issue fines to DAF, Daimler, Iveco, Scania, MAN and Volvo/Renault.

The Financial Times reports that four of these companies have set aside $2.6bn for fines and that it remains unclear when the details will be announced but it could happen in a matter of weeks.

These fines are expected to easily pass the previous record fine of €1.4bn issued to TV and computer monitor manufacturers four years ago.

The EU probe is focused on the actions of six companies between 1997 and 2011 and alleges that the manufacturers fixed prices during the period and later colluded to agree the "timing and price increase levels for the introduction of new emission technologies" in the wake of the Volkswagen emission cheating scandal.

Ms Vestager says that the EU has 600,000 hauliers and that pushing up their costs has a knock-on effect on the prices of the goods that they transport. 

The companies are said to be  co-operating with the investigation, one told the FT that it will consider appealing any negative decision.