DETROIT - Chrysler Corp. has raised its suppliers' cost-cutting targets to $2 billion annually, up from $1.5 bil-lion. The company has sent letters to suppliers notifying them of the new goals.
The automaker's 'supplier cost reduction effort' program requires suppliers to reduce costs at least 5 percent each year. The supplier is allowed to keep half of any savings beyond the target. A spokesman said suppliers must indicate by July 31 how they plan to meet this goal.