EU investigates possible auto cartel

Volkswagen will hold a supervisory board meeting labelled “extraordinary” by Reuters on Wednesday following allegations that major German car makers operated a cartel. German magazine Der Spiegel first reported on Friday that Volkswagen, Daimler and BMW may have colluded to fix prices on components, including diesel emissions systems. The European Commission announced on Saturday that antitrust regulators were investigating a possible cartel in the auto industry in Germany following a tip-off from a source. The Commission will investigate whether Volkswagen, Audi, Porsche, Mercedes and BMW used auto industry committees to discuss pricing of components and technologies, and if these discussions could be defined as anti-competitive behaviour. A Volkswagen spokesperson confirmed the planned board meeting on Wednesday to Reuters, but declined to provide further information. The industry has been hit with fines totalling billions of dollars in both Europe and America in the past for parts-related cartels.