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EU slaps 880m euro fine on Scania over price fixing

Sep 27, 2017, 7:24 AM EDT
(Source:Alang7™/flickr)
(Source:Alang7™/flickr)

The European Commission slapped Scania with a hefty fine of 880 million euros for colluding with other truck makers in fixing prices and technology costs.

The Volkswagen-owned firm refused to settle the case earlier in 2016, when three other truck makers pleaded guilty and had their penalties slashed by 10 percent, notes the BBC.

The E.U. antitrust regulators stated that the impact of this pricing cartel heavily compromised the interests of road hauliers in Europe, as 90 percent of medium and heavy trucks in the continent are manufactured by these companies, writes Sky News.

TAGS: Scania
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