A number of German auto manufacturing and supply companies were raided by Germany’s antitrust regulators in June, according to a new report from Bloomberg. The raids were carried out under the suspicion of antitrust violations regarding steel purchasing practices in the auto industry. Authorities sought to gather information on the issue, according to Kay Wiedner, a spokesman for Germany’s Federal Cartel Office. However, he declined to give out the identities of the companies under investigation.
Currently, BMW, Volkswagen, Robert Bosch, ZF Friedrichshafen, and Daimler have confirmed that they were among those that were raided in June and stated that they are cooperating with the investigations. If the manufacturers are found to be guilty, Germany’s antitrust office can issue fines of up to 10 percent of annual sales, but most penalties don’t reach that level.
The automotive industry is one of the German economy’s major sectors, and steel remains a key resource. The average amount of steel used in a vehicle manufactured in Germany is 900 kilos, or around 1,984 pounds, according to the World Steel Association. Bloomberg also notes that while the automotive industry has been the target of a number of price-fixing probes in the European Union, the new investigations aren’t focused on raw material purchases but specific products and components instead.
Source: Bloomberg
The post German Automakers, Suppliers Raided in Steel-Purchasing Cartel Probe appeared first on Motor Trend.
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