Exclusive-EU antitrust regulators set to fine BMW, Volkswagen on emissions collusion – source


2/2

© Reuters. FILE PHOTO: The logo of German car manufacturer BMW is seen on the company headquarters in Munich, Germany, December 5, 2019. REUTERS/Andreas Gebert/File Photo

2/2

By Foo Yun Chee

BRUSSELS (Reuters) -BMW and Volkswagen (DE:) are set to face reduced EU antitrust fines over clean air technology after regulators narrowed the scope of an investigation, a person familiar with the matter said.

The case is different from Volkswagen’s diesel emissions cheating scandal, which has cost it more than 31 billion euros ($38 billion in fines and settlements.

The European Commission, which charged the German carmakers in 2019 with colluding to block the rollout of clean emissions technology, is likely to issue fines before the summer break, the person told Reuters on Tuesday.

The EU competition watchdog had said previously that the case involved the “circle of five”, namely BMW, Daimler and Volkswagen Group’s VW, Audi and Porsche.

The EU case will only focus on selective catalytic reduction (SCR) systems, which reduce nitrogen oxides from diesel car emissions through the injection of urea (also called AdBlue) in the exhaust gas stream, the person said.

The Commission said in its 2019 charge sheet that the German carmakers colluded to restrict the size of AdBlue tanks between 2006 and 2014.

EU regulators scrapped earlier allegations that the group delayed new cleaner particulate filters for petrol cars from 2009 to 2014.

The Commission said the investigation was ongoing and declined further comment.

BMW and Volkswagen declined to comment. Last week BMW cut its antitrust provisions by 1 billion euros after it estimated a lower EU fine

READ  Canada shares lower at close of trade; S&P/TSX Composite down 0.36%

Daimler, which alerted the wrongdoing to the Commission, reiterated that it will not face a fine and declined further comment.

($1 = 0.8177 euros)

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





READ SOURCE

LEAVE A REPLY

Please enter your comment!
Please enter your name here