Scania loses appeal against EU judgement after being implicated on price fixing scandal.
EU antitrust regulators have hit Scania with a $1 billion fine for their role in anti-trust price fixing. Scania and several other truck manufacturers have been embroiled in allegations of wrongdoing. The accusations relate to alleged collusion with 5 other European truck manufacturers over a period spanning 14 years which been described as a price fixing cartel. The Swedish truck manufacturer initially appealed the decision which saw them accused of anti-competitive actions which included fixing prices of medium and heavy trucks, as well as passing the costs of new emissions technology to meet EU regulations onto consumers. All but Scania settled with the commission in 2016.
The decision paves the way for consumers to of the so-called truck cartel to sue the manufacturers for damages in national courts.
Founded in 1891 Swedish powerhouse Scania specialises in the manufacture of medium to large trucks and in 2021 reported revenue $12 billion with 41000 employees across the globe.
