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Siemens CEO Warns of Dire Consequences If German Carmakers Fail

  • Kaeser says sector must navigate technological change
  • Germany’s success depends on ‘this one industry,’ he says

Siemens AG Chief Executive Officer Joe Kaeser has a stark warning to Germany’s carmakers: manage the electric-vehicle revolution shaking up the industry, or face violent consequences that inevitably come with mass unemployment.

“We’ll still have cars in the streets, but they won’t be electric, they’ll be burning,” Kaeser told reporters late Monday. “The success of Germany depends on this one industry.”