South Korea Penalizes Merc, BMW, Audi For Violation Of Emission Norms

Korea Fair Trade Commission jointly penalized Mercedes-Benz Group AG DMLRY, Bayerische Motoren Werke AG BMWYY, Volkswagen AG VWAGY, and Audi by 42.3 billion won ($33.48 million).
The automakers colluded to curb emissions-cleaning technology for their diesel cars, reducing competition and restricting consumer choice, Reuters reports.
The regulator penalized Mercedes-Benz by 20.7 billion won, BMW by 15.7 billion won, and Audi by 6 billion won.
The regulator did not penalize Volkswagen because it did not earn revenue relevant to the issue.
The regulator spared Mercedes-Benz from the penalty as the automaker fully cooperated.
In 2022, the regulator penalized Mercedes-Benz and its Korean unit by 20.2 billion won for false advertising tied to gas emissions of diesel passenger vehicles.
In 2021, the European Commission penalized Volkswagen and BMW by €875 million for conspiring to curb the use of emissions-cleaning technology.
Price Action: BMWYY shares are up 2.26% at $35.59 on Thursday.