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Chrysler CEO says Fed rate cut to boost auto sales

Tue Jan 22, 2008 9:35pm EST

DETROIT, Jan 22 (Reuters) - Chrysler Chief Executive Bob Nardelli on Tuesday said the Federal Reserve's rate cut would help ease consumer confidence and boost auto sales in 2008.

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"We are very pleased with the cut," Nardelli told reporters on the sidelines of the Automotive News World Congress.

Earlier on Tuesday, the U.S. Federal Reserve cut interest rates by three-quarters of a percentage point in an emergency move to save the economy from a recession.

Nardelli said the move could help U.S. auto sales climb above the 16 million mark in 2008. Chrysler has predicted industrywide sales of 15.5 million to 16 million vehicles this year. (Reporting by Jui Chakravorty; editing by Carol Bishopric)

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