SPIEGEL: Innovation becomes cheaper when you split the costs with others. Are your hybrid joint ventures with BMW only the beginning?
Zetsche: There are two advantages to cooperation on specific levels: It reduces costs and working together allows both parties to reach their goals more quickly. The risk of joint ventures is that they can dilute the differences between two brands. This is something we have to take into account. Mercedes will remain the most valuable and desirable brand. We do not see cooperation as an absolute necessity, but certainly as an opportunity. I am completely open to this approach, although I would not take it as far as Toyota, which sells two almost identical cars, one under the Lexus name and the other under its mass-market brand.
SPIEGEL: How far along are your talks with BMW and the French PSA Group (Peugeot Citroen) over whether your next A and B class could be a joint venture?
Zetsche: We are discussing a wide range of issues with various parties, and we are examining our options completely without emotion. But we have not reached any conclusions yet.
SPIEGEL: Could you imagine BMW and Mercedes developing an engine jointly?
Zetsche: Sure, why not? The Porsche Cayenne also became a success with a VW engine. But interestingly enough, the facts are only somewhat relevant when it comes to engines.
SPIEGEL: Customers' emotions are also the issue there…
Zetsche: ... and we take them seriously. But let me say it again: I do not want to rule out such cooperative arrangements, if they make sense for both sides -- in other words, if it's a win-win situation.
SPIEGEL: Wouldn't BMW be the best fit for a partnership?
Zetsche: On the one hand, the risk would not be insignificant, because we operate in the same segment. On the other hand, the opportunities are also especially big, because we produce vehicles that are similarly sophisticated from a technological standpoint.
SPIEGEL: The Quandt family, a major shareholder in BMW, once held about 15 percent of Daimler's shares. Could you imagine having that kind of cross-holding again as a way of promoting cooperation?
Zetsche: No. There was a time when all it would have taken was one vote and Daimler would have acquired BMW. This would not have been good for either company. But as I said, I do not rule out joint ventures. However, no decisions have been reached about additional projects, and everything else is just speculation.
SPIEGEL: Not too long ago, you said that Mercedes-Benz needed Chrysler to provide security. Costly innovations, you said, would only be worthwhile if they were first used in the luxury class and later in mass-market vehicles.
Zetsche: Yes, I did say that. But I discovered that we were able to generate fewer synergies than expected, because the Chrysler customer was unwilling to pay a premium for additional technologies. On Sept. 1, we are a more secure company than we were on March 1. The key difference is that while Chrysler is no longer part of the group, we can continue to implement joint projects. The new Daimler is in an excellent position.
SPIEGEL: But the separation from Chrysler didn't solve all your problems in one fell swoop.
Zetsche: We have achieved even more in the last 18 months. Quality is back on track at Mercedes, and we have become more efficient at the same time. We have made improvements to our commercial vehicles. We have reduced our stake in EADS. And we have also made management more streamlined and faster. The company is on an excellent course overall. The outlook is good for all of our business. That's the future.
SPIEGEL: Your predecessor had great visions. But in the end, Jürgen Schrempp's concept of building a global car company together with Chrysler failed miserably. Are you willing to take the gamble of having a vision?
Zetsche: I have very specific goals for Daimler: As many people as possible should dream of driving a Mercedes, and if they can afford it, they should make this dream a reality. I want us to be especially attractive as an employer. I want it to be a smart idea for investors to put their money in Daimler shares. And I want to see the media write about us with respect and recognition.
SPIEGEL: That sounds a lot more down-to-earth than your predecessor ...
Zetsche: ... if you think so -- I'm not ashamed of it.
SPIEGEL: What have you learned from the nine years of the DaimlerChrysler global corporation?
Zetsche: Perhaps that one should always question one's point of view. And that size isn't always the most important criterion.
SPIEGEL: Schrempp has even profited from the breakup of his global corporation. Your stock price is rising, which is good for his stock options. Is this fair?
Zetsche: I cannot be a judge of fairness in this case. The supervisory board determines our salaries. How much Jürgen Schrempp gets in the end will also depend on when he exercises his options.
SPIEGEL: The Chrysler chapter hasn't ended for you yet. Daimler still holds just under 20 percent of Chrysler stock. Cerberus, a private equity firm that promptly installed a particularly aggressive chairman and CEO to clean up the company, holds the remaining 80 percent. Was this discussed with you?
Zetsche: I found out after the decision was reached but before it was made public.
SPIEGEL: Not exactly a civilized approach.
Zetsche: We discussed the issue. I do think it's legitimate for a new owner to install new executives.
SPIEGEL: But isn't Chrysler's future even more uncertain now than it was before?
Zetsche: No. I am completely confident that Chrysler will be a well-functioning company. And we at Daimler have managed to remove healthcare costs and pension obligations totaling almost €37 billion from our books. The net liquidity is so high that we can now return some of the shares to our shareholders through the stock buyback program. I am very satisfied with the deal overall.
SPIEGEL: What will be the consequences of the crisis in the global financial markets for the economy and consumption?
Zetsche: This crisis is presumably not over yet, but I believe that the risk of a real recession is low.
SPIEGEL: Mr. Zetsche, we thank you for this interview.
Interview conducted by Dietmar Hawranek and Thomas Tuma.
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