Former Fiat Chrysler CEO Sergio Marchionne's 2015 "Confessions of a Capital Junkie" presentation, which criticized the auto industry for inefficient spending and poor returns. He argued that combining resources and streamlining operations was essential for survival. The author posits that ten years later, the industry largely ignored his advice, and Chinese automakers, with their integrated supply chains and rapid innovation, now exemplify the efficiency Marchionne advocated, putting traditional Western companies at risk. The piece concludes that while tariffs might offer temporary relief, Western automakers must fundamentally change their cost structures and development speed to compete.

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