The US Department of Justice announced that Continental Automotive Electronics and Continental Automotive Korea have agreed agreed to plead guilty for bid rigging of vehicle equipment sold to vehicle makers in the country.
The companies were accused of conspiring and rigging bids for dashboard instruments including speedometer, fuel gauge and the seat belt light that were sold to the U.S wings of Hyundai Motor, Kia Motors, and Kia Motors Manufacturing Georgia.
The companies have agreed to cooperate with the ongoing investigation and have agreed to pay a $4 m fine for conspiring.
According to the US Department of Justice the companies sold the parts from 2004 to 2012.
US Department of Justice Antitrust Division deputy assistant attorney General Brent Snyder said: "As the Antitrust Division's prosecution of auto parts matters like this one demonstrates, we will prosecute those who participate in international cartels targeting U.S. businesses and consumers"
"The Antitrust Division is working closely with competition enforcers around the world to ensure that companies and executives that engage in international cartel crimes find no refuge."
