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4-Traders Homepage  >  Equities  >  Xetra  >  Bayerische Motoren Werke    BMW   DE0005190003

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Volkswagen CEO denies price fixing by German carmakers

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10/25/2017 | 12:04pm CET
Volkswagen CEO  Mueller attends the opening of the Frankfurt Motor Show

German carmakers being investigated over possible collusion did not engage in price fixing or an illegal cartel, Volkswagen's (>> Volkswagen) chief executive Matthias Mueller said on Wednesday.

German carmakers being investigated over possible collusion did not engage in price fixing or an illegal cartel, Volkswagen's (>> Volkswagen) chief executive Matthias Mueller said on Wednesday.

European Union antitrust staff have raided Volkswagen, Daimler (>> Daimler) and BMW (>> Bayerische Motoren Werke) as part of an investigation into whether they conspired to fix prices in diesel and other technologies over several decades.

"I have no knowledge of price fixing," Mueller said at a conference in Stuttgart. "We very much respect the cartel law."

Mueller's comment chimes with remarks made by his counterpart at Daimler, Dieter Zetsche, who told the conference late on Tuesday that cooperation among German rivals was for the good of customers and had not harmed them.

The EU's competition watchdog said in July that it was investigating German carmakers in response to a tip-off after Der Spiegel magazine reported that Daimler, BMW, VW and its Audi (>> Audi AG) and Porsche arms had colluded to the detriment of customers and foreign rivals.

Mueller said the German carmakers had cooperated on standardization issues under the leadership of Germany's VDA industry lobby, without being more specific.

Also on Wednesday, Mueller said VW could live with a Chinese compromise on electric vehicle quotas to combat air pollution. Beijing wants electric and hybrid cars to make up at least a fifth of China's auto sales by 2025 and plans to loosen joint-venture regulations to achieve its aim.

(Reporting by Ilona Wissenbach; Writing by Andreas Cremer; Editing by Alexander Smith)

Stocks treated in this article : Bayerische Motoren Werke, Audi AG, Daimler, Volkswagen
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Financials (€)
Sales 2017 97 798 M
EBIT 2017 9 846 M
Net income 2017 7 329 M
Finance 2017 20 543 M
Yield 2017 4,36%
P/E ratio 2017 7,66
P/E ratio 2018 7,66
EV / Sales 2017 0,35x
EV / Sales 2018 0,32x
Capitalization 55 132 M
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Mean consensus HOLD
Number of Analysts 34
Average target price 92,9 €
Spread / Average Target 9,4%
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Harald Krüger Chairman-Management Board
Norbert Reithofer Chairman-Supervisory Board
Nicolas Peter Chief Financial Officer
Susanne Klatten Member-Supervisory Board
Manfred Schoch Deputy Chairman-Supervisory Board
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