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News of  February 13, 2002

Chrysler Group's Road In 21st Century Paved with Commitment to Building Value, Integrity and Reinvigorated Sense of Ethics

Detroit - Chrysler Group President and Chief Executive Officer Dieter Zetsche, in a speech titled "Creating Value In The 21st Century Business World," provided a glimpse of the Chrysler Group's response to the challenges facing the business world in the new century, while also addressing a wide-range of current automotive and economic issues.

In addition, Zetsche reiterated that the Chrysler Group stayed on-track last year to meet the better end of the financial forecasts outlined in its turnaround plan, and that it remained "absolutely committed to achieving break-even in 2002." Zetsche delivered the keynote address at the Economic Club of Detroit luncheon at Cobo Center.

Chrysler Group in 2002 and Beyond

Although full-year results will be announced on February 20, Zetsche again highlighted the Chrysler Group's success in 2001 in exceeding expectations in terms of reducing plant, fixed and material costs. He also outlined figures that showed Chrysler Group's vigilant cost-containment policies were starting to pay huge dividends in being able to deliver competitive, highly desirable products to market.

"Our current $30 billion, five-year product spending plan - with five additional vehicles included - is substantially less than the $42 billion plan we had in place for the five-year period just one-year ago," Zetsche said. "The one thing that will never change with our future product plans is this -- the product is still the most important part of our business. Nothing delivers value faster than a newly launched product that captures the imagination of the customer."

In addition, Zetsche noted that the Chrysler Crossfire is proof of the possibilities now open to Chrysler Group because of resources available throughout the DaimlerChrysler family. "We are now on the verge of delivering to our customers innovative designs at unprecedented value," Zetsche added. "And we'll be doing it on a consistent basis and in ways our competition isn't expecting - I can assure you."

Zetsche also addressed a number of other current economic issues facing the automotive industry, including:

• The long-term negative consequences of incentives;
• The circulation of draft proposals by U.S. Senators for radical increases in Corporate Average Fuel Economy (CAFE) standards; and
• The deliberate manipulation to depreciate the Yen compared to the Dollar.

(Feb. 11, 2002)

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