Chrysler CEO: Industry faces reckoning with China
TRAVERSE CITY, Michigan
TRAVERSE CITY, Michigan (Reuters) - U.S. and European automakers better watch their rear-view mirrors as competition from Chinese rivals will result in a "day of reckoning" down the road, the head of Fiat SpA (FIA.MI) and Chrysler Group LLC said on Wednesday.
"We cannot afford to be unprepared for the ascent of China, reassuring ourselves of our invincibility," Sergio Marchionne said at an industry conference here.
"The excuse that we did not understand or that we underestimated the scale will serve no purpose," he added. "Rather we need to continue to work to make our industrial base more competitive, because the day of reckoning is inevitably coming."
Marchionne was speaking at the Center for Automotive Research Management Briefing Seminars conference.
China is now the world's largest auto market and many automakers have partnerships there. Analysts have raised concerns that the transfer of intellectual property to Chinese companies could haunt automakers down the road by helping create stronger Chinese rivals that will export into the U.S. and European markets.
- Police hunt for motive as search for Malaysian jet spans hemispheres |
- Crimeans vote on union with Russia as troops build up rapidly |
- Malaysian PM says lost airliner was diverted deliberately |
- Democrats seek ways to limit Obamacare fallout after Florida defeat
- Police make third arrest in murder of Colorado socialite