The concern should be at Chrysler. Chrysler overproduced in the fourth quarter and when you overproduce you should make more money, but they made less.

The underlying Mercedes margin excluding one-off items and provision releases was significantly weaker than expected. That was an area where the market was prepared for upside surprise.

In the last two days you had Renault talking about a price war, Fiat referring to a price war, Honda and Peugeot all referring to a price war in Europe ... The pricing environment is even worse than people anticipated.

They did about 2,001 euros per car for other risk provisions, and that is the lowest level of provisioning in five years.

There?s a reason Renault is getting a lot of attention with this car. They?re the only one doing this so aggressively. If they are successful, there will be followers.

That's why Porsche bought Volkswagen. Working together on a common electronic architecture is a no-brainer.

The second quarter is going to be a very difficult quarter for most auto companies. Earnings will be down for almost every auto manufacturer with the exception of possibly Porsche , truck companies and select parts and tyre companies.

At this pace, Fiat should gain significant share.

BMW reported a positive surprise to fourth quarter profit numbers today along with a proposal for a three percent increase in the dividend and notice that the board is to seek authorization for a 10 percent share buyback.

Toyota is at the top when it comes to real and perceived quality. One recall isn't a problem. It takes two points to draw a line and it that happens then you'll hear my tone change.