Daimler shares news: EU probes German carmaker, others, on emissions collusion

Daimler shares are higher Tuesday, despite news the EU is investigating it, BMW and VW over emissions tech collusion.

Daimler shares news: EU probes German carmaker, others, on emissions collusion

Daimler shares are higher Tuesday, despite news the EU Commission is investigating the German carmaker, along with BMW and Volkswagen, for colluding over diesel emissions tech. The probe is to discover if the three car giants made a deal which limited each firms’ development of cleaner diesel engines.

By 1110 BST, Daimler shares were 1.10% higher at €56.02, BMW shares were up 0.82% at €83.22 and Volkswagen shares had gained 3.72% to trade at €149.86.

Carmakers may have breached anti-trust rules

The EU probe is looking into whether the three German carmakers had an agreement between themselves to limit the development of diesel emission reduction systems. The body said that if this is proven, it will show that consumers have been denied the chance to buy vehicles with cleaner, less polluting engines.

“The Commission is investigating whether BMW, Daimler and VW agreed not to compete against each other on the development and roll-out of important systems to reduce harmful emissions from petrol and diesel passenger cars,” said EU Commissioner Margrethe Vestager, who is in charge of competition policy.

“These technologies aim at making passenger cars less damaging to the environment. If proven, this collusion may have denied consumers the opportunity to buy less polluting cars, despite the technology being available to the manufacturers,” Vestager said.

Daimler co-operating with the EU

The preliminary investigation began back in 2017 when the EU raided offices of the carmakers in question.

Daimler and VW both told the BBC that they were fully co-operating with the EU’s investigation. Daimler also told the news service that this probe related only to the EU and that there were no accusations of price fixing.

The EU said they were focussing on evidence that indicates the three carmakers, plus VW-owned Audi and Porsche, met to discuss the development and production of technologies to help limit the output of harmful exhaust emissions.

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