Europe's automotive industry on a high

Three of Europe's major car makers, Volkswagen, Fiat and PSA Peugeot Citroen, have presented good results for this quarter. However the business newspaper Financial Times Deutschland expects the competition to stiffen. "No doubt about it, these figures make Europe's three major producers look good - a lot better than their struggling American rivals Chrysler, Ford and General Motors. But the Europeans should not allow this lead to make them complacent because the true acid tests are yet to come. After all, even the most passionate car lovers have realised by now that the automotive industry is headed for a major overhaul over the next few years. ... The giants of today could disappear and new, technically superior suppliers could be catapulted to the top. ... But thanks to the profits they are currently posting Volkswagen, Fiat and Peugeot Citroën have at least created a solid basis for surviving the trials of the coming months."

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