BMW Sets Aside Over $1 Billion For EU Collusion Fine

BMW Sets Aside Over $1 Billion For EU Collusion Fine
German automaker BMW has acknowledged the possibility of an upcoming "significant fine" issued by European Union antitrust regulators. The news comes after BMW was named alongside Volkswagen and Daimler, accused of colluding to purposely stymie the progress of emissions reduction in vehicles sold throughout Europe.

"[F]ollowing its review of the Statement of Objections, the BMW Group will recognise a provision, which is likely to exceed €1 billion," said the automaker in a press statement. At the time of writing, BMW's cash reserve for the fine equates to around $1.13 billion.


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PUGPROUDPUGPROUD - 4/8/2019 6:57:03 PM
0 Boost
Never heard the word collusion before 2016 and now that's all you hear.


CANADIANCOMMENTSCANADIANCOMMENTS - 4/8/2019 7:37:01 PM
+2 Boost
@PG - Agree. Not that bad things didn't happen before, but for whatever reason they are being dragged out into the light on an increasingly frequent basis.


FoncoolFoncool - 4/9/2019 12:04:19 PM
+1 Boost
It’s the “IN” Buzzword, collaboration is now collusion. Remember when (and still do) every Auto manufacturer started using the word buzzword “DNA”? My favorite is still the Buzzword “Disenfranchise” from the 2000 Election. That was the hot word for almost 10 years.


mplsmpls - 4/9/2019 5:30:35 PM
+1 Boost
Setting aside so much means they know the games up and they've done wrong, otherwise they would fight the judgement...


FoncoolFoncool - 4/9/2019 8:36:10 PM
0 Boost
Let’s see if I understand this correctly. The EU sets an emissions standard that all companies must meet in order to sell cars in the EU. Daimler Benz, BMW and VW collaborate together to reduce development cost to achieve the standard that the EU set. Now the EU has determined that meeting that standard isn’t good enough, if the companies would have each spent vast sums of money to develop their own separate emissions systems they may have developed a system that exceeds the standards the EU set. So therefore they colluded and must be prosecuted.

Oh by the way Daimler, BMW and VW, we encourage you and other automakers form joint development entities to accelerate the production of Electric Vehicles because we feel that good collusion like that is permissible because it helps achieves the goals that we have set forth faster or until we come up with a new goal, at which that time the joint development entities will be considered bad collusion and you will be prosecuted.


MDarringerMDarringer - 4/13/2019 10:18:47 AM
+1 Boost
And you say that despite evidence to the contrary. Just get over your b!tch not winning.


rdce34rdce34 - 4/13/2019 9:37:14 AM
+1 Boost
BMW sure is not the company it used to be. I stopped liking the cars after the e39. The latest scandal just about confirms why.


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