The European Commission fined 15 car manufacturers and the European Automobiles Manufacturers' Association, or ACEA, a total of about 458 million euros ($495 million) for their roles in a cartel related to end-of-life vehicle recycling, according to a Tuesday statement from the Commission.
An end-of-life vehicle or ELV is a vehicle that can't be used anymore due to age or damage, and is processed for recycling, recovery, and disposal, said the Commission.
Following an investigation, the Commission said it found that the car companies were parties to concerted practices on ELV recycling for over 15 years, through 2017, under anti-competitive agreements facilitated by ACEA.
The Commission fined Ford Motor (F) 41.5 million euros; Stellantis (STLA) 74.9 million euros; Honda Motor (HMC) 5 million euros; General Motors (GM) 17.1 million euros; and Toyota Motor (TM) 23.6 million euros, according to the statement.
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