BMW HQ raided by EU investigators

BMW

BMW has revealed its headquarters was searched this week by EU officials investigating reports of an alleged cartel between five German car makers.

The allegations focus on manufacturers BMW, Daimler, VW, Audi and Porsche and claim that the quintet collaborated to limit their spending on emissions technology.

BMW said the EU staff had visited its Munich offices and it was fully assisting with the investigation.

Daimler meanwhile have applied an application for leniency. The company, that owns Mercedes-Benz, are not planning to reserve funds for possible fines says the chief financial officer, Bodo Uebber.

German and EU regulators are investigating whether or not the five implicated companies have colluded for years on development and production, at a cost to customers and suppliers.

BMW has said it intends to clarify the differences between certain EU antitrust laws and the manipulation of exhaust emissions, which is illegal and is strenuously denied by the company.

In July this year, VW was forced to defend itself after allegations were made accusing it of colluding with other German car makers to breach EU cartel rules.

Volkswagen said that companies exchanging information to speed up development and innovation was not unusual. It refused to go into specifics as to whether the five collaborated on price and technology.

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