The appointed hour came, the adversaries met face-to-face – and nothing happened. After all the tough talk, Italian financial newspaper Il Sole 24 Oro reports that Fiat CEO Sergio Marchionne and Volkswagen AG CEO Martin Winterkorn emerged from this mornings European Automobile Manufacturer’s Association (ACEA) meeting all smiles and shaking hands.
“We’ve been friends for years,” said Winterkorn.
Marchionne remains ACEA president and both Fiat and VW remain members. The various automakers will pursue their individual strategies for surviving the European slump.
In a separate report, Daimler AG CEO Dieter Zetsche told Bloomberg News that the meeting actually focused on achieving mandated CO2 reductions, trade and other matters.