fiat chief time running out for eu carmakers
Last Updated : GMT 06:41:18
Arab Today, arab today
Arab Today, arab today

Fiat chief: Time running out for EU carmakers

Arab Today, arab today

Arab Today, arab today Fiat chief: Time running out for EU carmakers

Traverse City - AFP

Time is \"running out\" for European carmakers to address structural problems, Fiat chief Sergio Marchionne said Wednesday as he slammed government bailouts of his competitors.\"We\'ve got to stop this intervention in terms of support. This is just unbearable,\" Marchionne said, noting that France gave $8 billion to Renault and Peugeot in the wake of the 2008 financial crisis while Fiat \"asked for nothing\" and \"survived the crisis on its own terms.\"\"In Europe, you can\'t do this if there\'s an understanding that you\'re violating fundamental principles of equity and competition,\" he told reporters on the sidelines of an auto conference in Michigan.\"One member nation cannot favor local producers to the disadvantage of others. It\'s built into the Treaty of Rome of 1957. We can\'t change our minds now.\"The bailouts are just part of a broader failure by European industry and political leaders to take advantage of the crisis to deal with deep structural problems in the automotive industry, Marchionne said.\"The truth of the matter is that the auto sector was already sick before the economic crisis forced it into intensive care,\" Marchionne told Michigan\'s Center for Automotive Research conference.\"We had been suffering from chronic problems, but had managed to either ignore or deny their existence for far too long.\"Industrial inefficiency, production overcapacity and value-destroying market strategies \"went unchecked\" while corporate culture was \"marked by unaccountability.\"In the United States, industry, government, labor unions and financial institutions responded to the crisis by coming to grips with the inefficiencies, realizing that \"the realities of competition go beyond national borders\" and working together to restructure the industry and put it on a \"more solid foundation for sustainable growth.\"In Europe, however, the \"lack of a common vision hampered and continues to hamper efforts to address deeply rooted structural problems\" while government intervention gave an unfair advantage to some national players and artificially preserved unproductive capacity.\"These responses underscore the reality that Europe is living in a kind of halfway house, combining a peculiar notion of a monetary union with limited economic, fiscal or political convergence amongst the member states.\"There appears to be no immediate, obvious answer to the European conundrum, he added. \"But time is running out for all European carmakers.\"The same lack of vision is also hampering the development of cleaner vehicles because European regulators keep trying to pick favorites among green technologies, Marchionne said.\"If we are to achieve any serious reduction in emissions levels now, it is far more practical to leverage all available technologies in a coordinated manner,\" he said.After touting hydrogen, regulators - particularly in Europe - now appear to be looking to electric cars as a \"panacea.\" \"Electric propulsion could be a promising long-term solution,\" he said.\"But if regulators focus on promoting this solution alone, the outcome is absolutely predictable: capital overspend and sub-optimal results.\"Marchionne noted that compressed natural gas remains a good option and said there are \"still many unexplored opportunities to substantially improve the efficiency of internal combustion engines.\"\"Government regulations will have the greatest positive impact if they are technology neutral,\" he said.\"This neutrality will ensure a rational allocation of capital - one that will drive the highest possible fuel savings and reductions in greenhouse emissions.\"That is what convinced most automakers to support US President Barack Obama\'s tough new emissions standards in a landmark agreement reached last Friday, he added.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

fiat chief time running out for eu carmakers fiat chief time running out for eu carmakers

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

fiat chief time running out for eu carmakers fiat chief time running out for eu carmakers

 



Arab Today, arab today
Arab Today, arab today Skincare PR Performance Full Year 2017

GMT 10:35 2018 Monday ,22 January

Skincare PR Performance Full Year 2017
Arab Today, arab today New hunt for flight MH370 gets under way

GMT 02:36 2018 Wednesday ,24 January

New hunt for flight MH370 gets under way
Arab Today, arab today Modern colorful bedroom renovation

GMT 11:23 2017 Thursday ,21 December

Modern colorful bedroom renovation
Arab Today, arab today France sanctions businesses linked

GMT 01:58 2018 Wednesday ,24 January

France sanctions businesses linked
Arab Today, arab today Turkey detains dozens more

GMT 02:09 2018 Wednesday ,24 January

Turkey detains dozens more
Arab Today, arab today
Arab Today, arab today

GMT 07:22 2017 Thursday ,23 November

Zimbabwe's next leader heads home after Mugabe exit

GMT 20:34 2018 Saturday ,20 January

Bahrain press headlines

GMT 22:38 2018 Tuesday ,23 January

Bahrain Press headlines

GMT 07:23 2017 Thursday ,23 November

Zimbabwe's next leader heads home after Mugabe exit

GMT 16:25 2016 Thursday ,22 December

Italian bank Monte Paschi edges closer to state bailout

GMT 06:03 2014 Wednesday ,09 April

Please .. Let Gaza breathe!

GMT 09:12 2017 Friday ,17 November

Gleam Futures represents Grace Beverley

GMT 04:18 2017 Sunday ,26 November

Bella magazine appoints celebrity writer

GMT 06:00 2017 Sunday ,29 October

Childrenswear brand Once appoints Dyelog

GMT 16:33 2014 Thursday ,13 November

Al-Ehtimam Bil Aakhareen

GMT 03:34 2017 Sunday ,05 November

Needle & Thread relocates press office

GMT 14:56 2017 Thursday ,21 December

Ryanair says formally recognises pilots' union

GMT 16:03 2017 Thursday ,21 December

US hits Myanmar general in new global rights sanctions
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday