Volkswagen is set to hold an emergency supervisory board meeting on Wednesday regarding allegations that the carmaker operated a cartel alongside Audi, Porsche, Mercedes and BMW.
Following an autonomous tip-off, antitrust regulators in the European Union began investigating claims that the German automakers colluded to design and price various automotive components, including AdBlue diesel emissions treatments.
BMW vehemently denied such claims yesterday and Reuters received word from a VW spokesman that a board meeting will be held about the issue.
Few details about the alleged cartel have been made public at this stage but the news has already impacted shares prices of VW, BMW and Daimler with the trio dropping by 1.4 per cent, 2.8 per cent and 2.7 per cent respectively.
Exane BNP Paribas automotive analyst Stuart Pearson suggested the cartel story could be far from over.
“More ugly details could yet emerge, leaving German manufacturers - and the EU auto sector - still firmly in the sin bin for now.”
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