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German carmakers may have colluded on diesel systems -Spiegel
July 21, 2017 / 12:20 PM / 5 months ago

German carmakers may have colluded on diesel systems -Spiegel

FRANKFURT (Reuters) - Germany’s carmakers VW (VOWG_p.DE), BMW (BMWG.DE), Audi, Porsche may have colluded to fix the prices of diesel emissions treatment systems using industry committees, German magazine Der Spiegel reported on Friday.

FILE PHOTO: A Porsche Cayenne Diesel is pictured during the second media day of the 79th Geneva Car Show at the Palexpo in Geneva March 4, 2009. REUTERS/Denis Balibouse/File Photo

Germany’s cartel authority declined to comment on the report, which sent car stocks tumbling.

Volkswagen (VOWG_p.DE), Daimler (DAIGn.DE) and BMW (BMWG.DE) shares were down 3.9 percent, 2.7 percent and 2.8 percent respectively, underperforming Germany's blue-chip DAX .GDAXI index which was down 1.9 percent by 1401 GMT.

The Stoxx 600 autos index .SXAP was down 3.1 percent.

“This new chapter in the diesel saga needs to be taken seriously,” Evercore ISI analyst Arndt Ellinghorst said in a note. “Our conclusion is that there might be a risk of several hundred millions or even low billions.”

Around 200 employees sitting in 60 industry committees discussed vehicle development, brakes, petrol and diesel engines, clutches and transmissions as well as exhaust treatment systems, Der Spiegel reported, citing a letter sent to cartel authorities.

Demonstrators protest against pollution from diesel vehicles in front of the Transport ministry in Berlin, Germany, June 27, 2017 . REUTERS/Rene Wagner

Volkswagen admitted to possible anti-competitive behaviour in a letter it sent to cartel authorities on July 4, Der Spiegel said.

A spokesman for Volkswagen (VOWG_p.DE), which owns the Porsche and Audi brands, declined to comment.

The carmakers discussed their choice of suppliers and the price of components. Since 2006, the carmakers have also discussed the cost of AdBlue, an exhaust emissions treatment system for diesel engines, Spiegel said.

The manufacturers discussed details such as the sizing of tanks for diesel emissions treatment fluid and they agreed to use smaller rather than larger ones, Der Spiegel said.  

Daimler (DAIGn.DE) which owns the Mercedes-Benz brand, declined to comment.

BMW was not available for immediate comment.

Reporting by Matthias Inverardi, Irene Preisinger, Ilona Wissenbach and Edward Taylor; editing by Jason Neely and Georgina Prodhan

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