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Europe's auto industry still in need of some pain

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A report from CNBC indicates that while the US has taken its medicine, Europe still suffers from excess capacity

A report from CNBC.com today suggests that European automakers have yet to make the painful decisions necessary to bring production in line with demand, and that recovery in Europe will accordingly be slow and arduous.

The website quoted Volkswagen CFO Hans Dieter Pötsch:

"In Europe we still have the issue of overcapacity and that's pushing on prices. We do see some bottoming out…but it's too early to say if we're moving in the right direction."

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