Chrysler has decided not to take the same path as GM by maintaining involvement with NASCAR. The company will cut spending in the race circuit by 30%, but continue to honor their current contracts.

Chrysler LLC has decided not to pull its sponsorship from NASCAR, a company executive told Reuters. Instead, the cash-poor company will cut spending on the race circuit by 30 percent.

General Motors has already announced they will cut all spending on sports sponsorship, including NASCAR and their venue advertisements. Ford plans to cut NASCAR spending by nearly 20 percent.

Dodge director Mike Accavitti said the company sees a benefit by staying with the North American racing tour. "NASCAR is not exempt from anything else that we do to market and promote vehicles," he said.

"We have to reduce our spend. We have to get our expenses in line with our revenues."

NASCAR spending is not the only way the company is trying to save some cash. Word of the cutback came at the same time as the American automaker announced a month-long halt to procution.

The company will continue to honor its current deals with race teams Gillett Evernham, Penske Racing, and petty Enterprises. They will also continue to recognize their sponsorship at the Talladega track in Alabama.

Chrysler to remain in NASCAR despite cost cuts