The US Federal Reserve Bank’s Tuesday interest rate cut could boost vehicle sales, according to a senior auto industry figure.
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Chrysler chief executive Bob Nardelli said the rate cut would help ease consumer confidence and boost sales in 2008.
“We are very pleased with the cut,” he told Reuters yesterday during the Automotive News World Congress.
Earlier in the day, ‘the Fed’ had cut interest rates by three-quarters of a percentage point in an emergency move to save the economy from a recession.
Nardelli told Reuters the move could help US light vehicle sales climb above 16m this year. Chrysler had previously predicted sales of 15.5m to 16m.
