Volvo reached settlement with EC, will pay fine
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. ■