Volvo Group has made a €400m (£317m) provision after being notified by the European Commission (EC) that it is suspected of involvement in a cartel, along with several other heavy- and medium-duty truck manufacturers.
Last month the EC informed a number of truck manufacturers that it suspected them of being involved in anti-competitive behaviour, via a formal notification known as a Statement of Objections, voicing concerns they may have agreed or co-ordinated their pricing behaviour.
The manufacturers will have the opportunity to respond and can request an oral hearing before the EC and national competition authorities if they wish.
If found to have infringed antitrust law, they each face a fine of up to 10% of their annual worldwide turnover.
The EC investigation began in 2011 with a number of raids on truck manufacturers’ premises taking place in the same year.
In a statement issued in response to the EC’s latest action, Volvo Group, which also owns Renault Trucks, said it had received a Statement of Objections relating to the investigation into the time period before 18 January 2011. The statement said: “Volvo Group has decided to make a provision of €400m.
“However, the proceedings are still at an early stage and there are a number of uncertainties associated with the final outcome of the EC’s investigation, as well as the amount of a potential fine.”
Volvo also declined to name which of its truck brands were involved in the action.
Daf, MAN, Mercedes-Benz parent Daimler and Scania all confirmed to MT that they had received a Statement of Objections from the EC.
A Daf spokesman said: “The Statement of Objections is a procedural step in which the EC expresses its preliminary view that a number of European CV manufacturers has participated in anticompetitive practices in the EU.”
He added: “Daf will study the Statement of Objections and prepare a response.”
Iveco declined to comment.
