EU Hits Major Automakers with €458M Cartel Fine

The European Commission fined 15 car manufacturers and the European Automobiles Manufacturers' Association €458 million for anticompetitive practices in vehicle recycling. Mercedes-Benz avoided fines via leniency. The investigation unveiled a 15-year cartel involving top brands like Toyota and BMW. Recent antitrust raids contributed to the findings.

In a significant move against antitrust activities, the European Commission has levied a €458 million ($494.64 million) fine on 15 prominent car manufacturers and the European Automobiles Manufacturers' Association for their involvement in a cartel scheme concerning end-of-life vehicle recycling.

Among the automakers implicated over a 15-year span are industry giants Toyota, Volkswagen, and BMW, which, alongside others, engaged in anticompetitive agreements through the recycling process. Notably, Mercedes-Benz escaped fines by proactively disclosing the cartel under the Commission's leniency program.

This decision follows a series of EU antitrust raids targeting several automotive companies suspected of cartel activities that violate the European Union's trade regulations.

(With inputs from agencies.)