Fiat, GM, Honda Investigated for Price Fixing

Turkey is one growing markets in Europe, with several carmakers selling cars in the region and planning to expand their business in the country. But it appears that several companies are involved in a new scandal in Turkey as the country's Competition Board decided to open an investigation on no less than 19 carmakers over a potential price-fixing since 2006.

According to a report by Reuters, the companies to be investigated include 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.

Mercedes-Benz, Nissan, Peugeot and Toyota are also included in the investigation, the aforementioned source added citing a statement of the Competition Board.

As said, Turkey is a continuously growing market, with more and more companies looking to expand their businesses in the country. Chinese manufacturer Chery, for example, wants to invest $500 million in a new production facility in Turkey that will allow the company to sell its models in several European markets. According to various media reports, two Chinese executives have already visited the northwestern province of Sakarya in January earlier this year to find a site for the construction of the new factory, gasgoo.com reported a few days ago citing Anatolia news agency.

"The Chinese 'Chery' automotive firm has applied to Turkish authorities to make US$500 million of investments in Turkey, and open to world markets via our country," Turkey's Industry & Trade Minister Nihat Ergun said at the Frankfurt Motor Show in Germany.