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EU imposes fine of about ₹4,238 crore on VW, Stellantis and others, Mercedes-Benz disclosed
Auto Scam: The global automobile industry is already preparing for a difficult phase after the US President imposed high tariffs on imported vehicles. Now a new news from Europe has worsened the situation. The European Union (EU) has exposed a major scam in the automobile industry.
After the US President imposed high tariffs on imported vehicles, the global automobile industry is already preparing for a difficult phase. Now a piece of new news from Europe has worsened the situation. The European Union (EU) has exposed a major scam in the automobile industry.
The EU fined 15 leading car companies operating in Europe and the European Automobile Manufacturers Association (ACEA) a whopping fine of $495 million (about Rs 4,237.62 crores). They were fined for operating a long-term 'end-of-life' (ELV) car recycling cartel. The companies all admitted to the offense and settled the case.
It was discovered by the probe carried by the European Commission that 15 leading car manufacturers and ACEA had been privy to anti-competitive deals and unethical means relating to recycling of ELV vehicles for 15 years. ELVs are vehicles that are made non-roadworthy due to their old age, damage or excessive use. They are processed as scrap to be recycled and reused.
