Stock Groups

S.Korea fines Mercedes $16.9 million over emission rules breach -Breaking

[ad_1]

© Reuters. FILE PHOTO – A Mercedes Benz Logo is pictured at a Mercedes Benz Branch in Stuttgart, Germany. April 15, 2019. REUTERS/Ralph Orlowski

SEOUL (Reuters) – South Korea’s antitrust regulator has decided that Mercedes-Benz, a German automobile manufacturer, and its Korean unit will be fined 20.2 billion won ($16.9M) for making false claims about the emissions of diesel cars.

According to the Korea Fair Trade Commission, Mercedes had installed illegal software on its cars that hampered with emission mitigation devices. This caused them to perform lower in normal driving conditions than they did during certification testing. According to the KFTC, 15 Mercedes models have such software.

KFTC released a statement saying that sanctions should be imposed against “the country’s No.1 imported car seller for interfering with consumers rational buying decisions by false and misleading advertising about the vehicle’s emission reduction performance after the Dieselgate scandal.”

KFTC also found that the German carmaker misrepresented their vehicle’s emissions as being at the minimum and meeting the Euro 6 emission standards.

Mercedes could not be reached for comment after business hours by Reuters.

The KFTC imposed a penalty or prescribed corrective actions last year for Audi-Volkswagen Korea (OTC:) Motor Corp and Stellantis Korea for similar emission rigging incidents.

($1 = 1,198.5600 won)

Disclaimer: Fusion MediaWe remind you that this site does not contain accurate or real-time data. CFDs are stocks, indexes or futures. The prices of Forex and CFDs are not supplied by exchanges. They are instead provided by market makers. As such, the prices might not reflect market values and could be incorrect. Fusion Media does not accept any liability for trade losses that you may incur due to the use of these data.

Fusion MediaFusion Media or any other person involved in the website will not be held responsible for any loss or damage resulting from reliance on this information, including charts, buy/sell signals, and data. Trading the financial markets is one of most risky investment options. Please make sure you are fully aware about the costs and risks involved.

[ad_2]