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Volvo reached settlement with EC, will pay fine

Staff Writer |
The Volvo Group has reached a settlement with the European Commission putting an end to a long-running EU antitrust investigation.

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As part of the settlement Volvo will pay a fine of EUR 670 M corresponding to SEK 6.3 bn. The amount is mainly covered by provisions made in 2014 and 2016, in total EUR 650 million (SEK 6.1 bn).

An additional provision will have a negative impact of EUR 20 M (SEK 0.2 bn) on the operating income in the third quarter of 2016.

The anti-trust investigation concerns the time between 1997 and January 2011 and involves the Volvo Group as one of 6 manufacturers. The focal point of the case is the coordination on gross list prices but also the introduction of new emission related technologies.

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