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Written: 2025-04-02 09:21:21Updated: 2025-04-02 09:41:35
Photo : YONHAP News
The European Union(EU)has fined 15 automakers including South Korea’s Hyundai Motor and its affiliate Kia 458 million euros, or 495 million U.S. dollars, for colluding and participating in what it called a “long-lasting cartel” on vehicle recycling. According to the investigation results released Tuesday by the European Commission(EC), the executive arm of the EU, the automakers and the European Automobiles Manufacturers’ Association entered into anticompetitive agreements and engaged in “concerted practices” related to the recycling of end-of-life vehicles. End-of-life vehicle recycling is when cars are dismantled and processed for recycling and disposal once they are no longer fit for use. The EC said the companies agreed not to pay car dismantlers to process the scrap vehicles. It said they also agreed not to compete with each other in advertising the extent to which their cars could be recycled and agreed to keep quiet on how much recycled material is used in new cars. The EC said this coordinated effort continued for up to 15 years, from 2002 to 2017.
Hyundai and Kia were fined a total of eleven-point-95 million euros.