BMW: Collusion investigation to end next year

Chief Executive Officer at BMW, Harald Krueger, said his company was not much closer to concluding its own internal investigation of collusion.

Three months have passed since allegations of collusion in the German auto industry emerged but Chief Executive Officer at BMW, Harald Krueger, said his company was not much closer to concluding its own internal investigation.

Krueger said it was highly likely the internal investigation would only be concluded next year, but even that does not guarantee that the other implicated parties will make the same kind of headway.

Earlier this year, shares at Volkswagen, BMW and Daimler dropped sharply, when the European Union (EU) confirmed that it had started an investigation into allegations of a cartel operating within the three German car makers.

The EU itself had only acted on some information that it had received. The allegation is that they had collaborated to set pricing and technology standards to the detriment of foreign rivals and customers.

"The investigation will continue over the next weeks," Krueger told journalists on Tuesday.

There is still no clarity on whether BMW will be able to quantify possible risks from the allegations once it had concluded its fact-finding operation.

However, there are strong indications that it will be business as usual for BMW in coming months, with growth expected for November, December and January.

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