Zetsche warns EU automakers: Don't repeat the mistakes of the US industry

DaimlerChrysler CEO Dieter Zetsche, a man who knows a thing or two about the problems facing the US auto industry, took the opportunity to warn European Union automakers that they may eventually endure the same structural problems their US counterparts are struggling with if action is not taken.

Europe, of course, is suffering from many of the same problems that we've been seeing here in the US-- particularly out of whack cost structures due to overwhelming labor costs and ever-increasing competition from Asia. Adding to the problems is the greater diversity within the EU market. Zetsche is calling on the automakers to focus on, well, making cars, and states that EU politicians need to do their part to clean up problems with European social-security systems.

[Source: Financial Times]