19 automakers face price-fixing investigaton in Turkey
By Andrew C., 30 Aug, 2010. 0 Comments
In Turkey, the automakers are all hot and bothered after Turkey's Competition Board said that it had opened an investigation over price-fixing claims into 19 of the country's largest auto companies, including foreign firms.
The board believes that since 2006, the companies, which belong to one of Turkey's strategic sectors, had been sharing targets, stock information and sales and pricing strategies, says Autonews. The watchdog indicated that the following companies were under investigation: Daihatsu Turkey, Dogus Otomotiv, General Motors Turkey, Honda Turkey, Hyundai Assan, Karson Otomotiv and Tofas, a joint venture between Italy's Fiat S.p.A. and Koc Holding AS. Also included in the probe are the Turkish units of Mercedes-Benz, Nissan and Peugeot, and Toyota, which makes cars with Turkey's Sabanci Holding. Because of low labor costs and its proximity to Europe, Turkey has attracted foreign carmakers. As a result, the automotive sector has been transformed into the country's biggest exporter. An unnamed source at Tofas informed Reuters that company officials had discussed the issue and CEO Ali Pandir would soon make a statement.
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