UK antitrust regulator imposes $100.43 million fine on carmakers, trade bodies

(Reuters) -Ten carmakers, including BMW and Ford, and two trade bodies have reached a settlement with the UK's antitrust regulator to pay 77.7 million pounds ($100.43 million) in fine after admitting to breaking vehicle recycling-related competition law, Competition and Markets Authority said on Tuesday.

The European Commission, which launched a parallel probe alongside the CMA in March 2022, on Tuesday issued a fine amounting to about 458 million euros ($494.82 million) to 15 major car manufacturers and the European Automobile Manufacturers' Association (ACEA).

Car manufacturers, including Jaguar Land Rover, Peugeot Citroen, Mitsubishi, Nissan, Renault, Toyota, Vauxhall and Volkswagen illegally agreed not to compete against one another when advertising what percentage of their cars can be recycled, UK's CMA said.

They also illegally colluded to avoid paying third parties to recycle their customers' scrap cars, the regulator added.

Two trade associations, The Society of Motor Manufacturers & Traders (SMMT) and the ACEA also were involved in both illegal agreements.

Mercedes-Benz, which was also involved in these agreements, is exempt from paying a financial penalty as it alerted the CMA to its participation via the authority's leniency policy, the regulator said.

The car manufacturers and industry bodies have until June 2 to pay their fines.

($1 = 0.7737 pounds)

($1 = 0.9256 euros)

(Reporting by Shanima A in Bengaluru; Editing by Shreya Biswas)