London (CNN Business) The European Commission has fined Volkswagen Group and BMW $1 billion for colluding with Daimler to hold back the development of technology that could have reduced harmful emissions from their vehicles. "The five car manufacturers Daimler, BMW, Volkswagen, Audi and Porsche possessed the technology to reduce harmful emissions beyond what was legally required under EU emission standards. "In today's world, polluting less is an important characteristic of any car. And this cartel aimed at restricting competition on this key competition parameter," she added. The BMW Group headquarters in Munich, Germany.

Source: CNN July 08, 2021 13:52 UTC