Chrysler To Slash Capital Expenditure Over Next 5 Years.(Brief Article)

DaimlerChrysler AG's U.S. arm Chrysler is to cut its capital expenditure by almost 40 percent or $18 billion over the next five years, the London Financial Times reported. Citing unpublished company figures, the newspaper said the move, which coincides with a wider restructuring at the German-U.S. carmaker, would reduce the average U.S. investment budget from $9.5 billion a year to $6 billion.

The FT also ran an interview with Chrysler President Dieter Zetsche in which he said there would be cuts but declined to comment on the spending targets. "The basic idea is clearly to reduce the level of spending, but it doesn't mean we will postpone anything of substance on the product side," he said.

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