Chrysler LLC said today that it will not abandon NASCAR racing but will reduce spending. Mike Accavitti, director of the Dodge brand and Chrysler’s motorsports business, said that the company will not end its relationship with the sport but will “throttle back.”
“NASCAR is not exempt from anything else that we do to market and promote vehicles,” Accavitti told Reuters. “We have to reduce our spend. We have to get our expenses in line with our revenues.”
Accavitti comments come a day after Chrysler announced that it will halt production at all of its North American plants for a month. He said that Chrysler originally had plans to spend more than 30 percent next year. The company will still honor contracts with three race teams it sponsors.
According to Automotive News, rivals GM and Ford also plan on cutting spending in NASCAR. GM said it will not be renewing track sponsorship deals when they expired.