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International

European Commission slaps $40-million fine on five car equipment firms

November 23, 2017 Reprints

The European Commission has fined five car safety equipment firms a total of €34 million ($40 million) for taking part in cartels to fix prices for seatbelts, airbags and steering wheels to Japanese carmakers, Reuters reported. The commission said that it had identified four separate cartels in which suppliers to Toyota Motor Corp., Suzuki Motor Corp. and Honda Motor Co. Ltd. coordinated over prices and markets and exchanged sensitive information between 2004 and 2010. The commission fined Japan-based Takata Corp. €12.7 million, Toyoda Gosei Co. Ltd. €11.3 million and Sweden-based Autoliv Inc. €8.1 million, among others.

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European Commission slaps $40-million fine on five car equipment firms

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