Monster cartel charge puts brakes on BMW earnings


German high-end carmaker BMW on Tuesday reported a plunge in profits in the first quarter as it booked a 1.4-billion-euro ($1.6 billion) charge related to an EU cartel probe.

Net profits at the group nosedived 74.2 percent year-on-year, to 588 million euros, the group said in a statement.

Brussels’ allegation that BMW colluded with Daimler and Volkswagen to avoid competing on emission control technology means “it is probable that the EU Commission will issue a significant fine,” the Munich-based manufacturer said.

Source: Monster cartel charge puts brakes on BMW earnings

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