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Report: German Carmakers May Have Colluded on Diesel Systems

German car maker Volkswagen was hit with additional environmental penalties in California in the latest chapter in the 'dieselgate' scandal
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FRANKFURT (Reuters) – Germany’s carmakers VW, BMW, Audi, Porsche may have colluded to fix the prices of diesel emissions treatment systems using industry committees, German magazine Der Spiegel reported on Friday.

Germany’s cartel authority declined to comment on the report, which sent car stocks tumbling.

Volkswagen, Daimler and BMW shares were down 3.9 percent, 2.7 percent and 2.8 percent respectively, underperforming Germany’s blue-chip DAX index which was down 1.9 percent by 1401 GMT.

The Stoxx 600 autos index was down 3.1 percent.

Read the rest of the story at Reuters.

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