The claim suggests Volvo and other automakers in the truck manufacturing industry violated anti-trust laws prior to January 2011.
Volvo made an initial provision of 400 million euro in the fourth quarter of 2014 “since it was likely that the Group’s financial results and cash flow would be adversely impacted by the Commission’s investigation,” the company said in a press release.
According to the EU:
“The Commission has concerns that certain heavy and medium duty truck producers may have agreed or coordinated their pricing behavior in the European Economic Area (EEA). Such behavior, if established, would breach Article 101 of the Treaty on the Functioning of the European Union (TFEU) and Article 53 of the Agreement on the EEA, which prohibit cartels and restrictive business practices.”
Volvo also announced it would continue to assess the amount of the provision as the investigation continued.
“The provision made by the Volvo Group total 650 million euro (SEK 6.1 billion) and is based on the company’s best assessment of the financial impact of the investigation at the present time,” the company said.
The investigation is continuing and the Volvo Group said it is cooperating with all authorities involved.