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South Korea Penalizes Merc, BMW, Audi For Violation Of Emission Norms

Anusuya Lahiri
·1 分鐘文章

  • Korea Fair Trade Commission jointly penalized Mercedes-Benz Group AG (OTC: DMLRY), Bayerische Motoren Werke AG (OTC: BMWYY), Volkswagen AG (OTC: VWAGY), and Audi by 42.3 billion won ($33.48 million).

  • The automakers colluded to curb emissions-cleaning technology for their diesel cars, reducing competition and restricting consumer choice, Reuters reports.

  • The regulator penalized Mercedes-Benz by 20.7 billion won, BMW by 15.7 billion won, and Audi by 6 billion won.

  • The regulator did not penalize Volkswagen because it did not earn revenue relevant to the issue.

  • The regulator spared Mercedes-Benz from the penalty as the automaker fully cooperated.

  • In 2022, the regulator penalized Mercedes-Benz and its Korean unit by 20.2 billion won for false advertising tied to gas emissions of diesel passenger vehicles.

  • In 2021, the European Commission penalized Volkswagen and BMW by €875 million for conspiring to curb the use of emissions-cleaning technology.

  • Price Action: BMWYY shares are up 2.26% at $35.59 on Thursday.

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This article South Korea Penalizes Merc, BMW, Audi For Violation Of Emission Norms originally appeared on Benzinga.com

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