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MarketScreener Homepage  >  Equities  >  Xetra  >  Bayerische Motoren Werke    BMW   DE0005190003

BAYERISCHE MOTOREN WERKE (BMW)
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Volkswagen CEO denies price fixing by German carmakers

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

STUTTGART, Germany (Reuters) - 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.

STUTTGART, Germany (Reuters) - 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
Stocks mentioned in the article
ChangeLast1st jan.
AUDI AG 1.94% 734 Delayed Quote.-0.82%
BAYERISCHE MOTOREN WERKE 0.72% 75.75 Delayed Quote.-13.38%
DAIMLER 0.59% 53.23 Delayed Quote.-25.25%
VOLKSWAGEN 2.08% 147.42 Delayed Quote.-13.24%
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Financials (€)
Sales 2018 96 459 M
EBIT 2018 8 985 M
Net income 2018 7 062 M
Finance 2018 21 001 M
Yield 2018 5,15%
P/E ratio 2018 7,08
P/E ratio 2019 6,82
EV / Sales 2018 0,28x
EV / Sales 2019 0,26x
Capitalization 48 438 M
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Mean consensus HOLD
Number of Analysts 30
Average target price 87,9 €
Spread / Average Target 17%
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Managers
NameTitle
Harald Krüger Chairman-Management Board
Norbert Reithofer Chairman-Supervisory Board
Nicolas Peter Chief Financial Officer
Susanne Klatten Independent Member-Supervisory Board
Manfred Schoch Deputy Chairman-Supervisory Board
Sector and Competitors
1st jan.Capitalization (M$)
BAYERISCHE MOTOREN WERKE-13.38%56 040
TOYOTA MOTOR CORP-11.64%187 670
VOLKSWAGEN-13.24%80 381
DAIMLER-25.25%65 465
HONDA MOTOR CO LTD-23.29%48 635
GENERAL MOTORS CORPORATION-21.64%44 852