South Korea fines German automakers for rigging diesel car emissions

South Korea fines German automakers for rigging diesel car emissions

By Hyunsu Yim

SEOUL (Reuters) – South Koreas anti-trust regulator said on Thursday it would impose a combined fine of 42.3 billion won ($33.48 million) on three German automakers for colluding to rig emissions of its diesel cars using software.

Mercedes-Benz, BMW, Volkswagen and Audi were involved in collusion that reduced competition and restricted consumer choice, the Korea Fair Trade Commission (KFTC) said in a statement.

Mercedes-Benz was fined 20.7 billion won, BMW 15.7 billion won and Audi 6 billion won, the regulator said, adding that Volkswagen was not fined because it did not earn revenue relevant to the issue.

Mercedes, BMW, Volkswagen and Audi were not immediately available for comment.

Last year, Mercedes-Benz and its Korean unit were fined 20.2 billion won for false advertising tied to gas emissions of diesel passenger vehicles.

The European Commission in 2021 fined Volkswagen and BMW a total of 875 million euros for colluding to curb the use of emissions cleaning technology they had developed.

($1 = 1,263.4200 won)

(Reporting by Hyunsu Yim; Editing by Jamie Freed)

German Inflation Ticks Up but Not Sufficiently to Spook InvestorsGBP to USD Forecasts: A Return to sub-$1.20 in the Hands of the BoEADA Price Prediction: Sub-$0.380 in Play on the SEC and the FedS&P 500 Price Forecast – Stock Markets Continue to UndulateGold Price Forecast – Gold Markets Give Up Early Gain Yet AgainHang Seng Index, ASX200, Nikkei 225: Hang Seng Bucks a Bearish TrendLoadingLoadingLoading