SEOUL, KOREA- The Fair Trade Commission found that seven automobile companies specialized in the production of over 8-ton dump trucks, tractors, and cargo trucks were engaged in price collusion, and decided to impose a 100-billion-won fine against them.
The antitrust authority announced on July 29 that it gave a corrective order to the seven truck makers, including Hyundai Motor, Daimler Truck Korea, Scania Korea, Volvo Group Korea, Tata Daewoo, and MAN Truck & Bus Korea, and decided to charge a combined fine of 116 billion won against them.
By company, the amount of FTC fines is 71.7 billion won for Hyundai Motor, 17.5 billion won for Scania Korea, 16.9 billion won for Volvo Group Korea, and 4.7 billion won for Daimler Truck Korea.
During the period from 2002 and 2011, according to Fair Trade Commission, they have shunned competition by sharing confidential sales-related information, including pricing data, sales prices, sales plans, and inventories. During the period, the sales price of large trucks has continued an upward trend due to their price collusion, without reflecting market changes.
