WSJ:Chrysler Zetsche:US New-Vehicle Sales `Bottomed Out'

DETROIT April 27, 2003; Sholnn Freeman writing for Dow Jones reported that Dieter Zetsche, president and chief executive of DaimlerChrysler AG's Chrysler Group.

said that U.S. new vehicle sales have "bottomed out" but so far the market hasn't improved significantly.

"We've seen the bottoming out," Zetsche said Sunday, speaking before the NAACP's 48th annual Fight for Freedom Fund Dinner in Detroit. "We see no further decline, but so far no significant improvement."

Zetsche cautioned that it was too early to say that people in the U.S. are more confident because of positive developments in the Iraq war. He also stopped short of declaring that a full-scale economic recovery was under way.

Last week, the company warned that a prolonged auto parts war in the U.S. could slow down a turnaround at Chrysler. Zetsche said he hoped an economic rebound will come soon to help lift Chrysler.

He said April vehicle sales started slow across the industry, then accelerated. Auto makers are set to report April sales results Thursday.

At the dinner, Chrysler is offering the expected 10,000 attendees $500 coupons to buy the company's Chrysler, Dodge and Jeep products. Zetsche is the corporate chair of the NAACP event.