EU fine for fixing prices of car parts
Print Edition
European Union regulators fined Japan鈥檚 Mitsubishi Electric and Hitachi Ltd 137.8 million euros (US$150 million) yesterday for fixing prices of car parts.
For the past six years, anti-trust regulators worldwide have cracked down on a long-time business model in which parts makers keep prices relatively high for new components they supply to carmakers and then charge even more for the same components supplied as replacements to dealers and repair shops.
The European Commission said the cartel for alternators and starters operated between September 2004 and February 2010, when Mitsubishi Electric, Hitachi and Denso coordinated responses to tenders issued by carmakers and also shared price details.
Mitsubishi Electric was fined 110.9 million euros while Hitachi鈥檚 sanction was 26.9 million euros. The firms admitted wrongdoing in return for a 10 percent cut in their fines.
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