Word: chryslers
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...dealers has become extremely contentious. The dealers blame the auto companies for a lack of good products and access to consumer credit. The car companies want the dealers to buy more inventory to give them much-needed cash flow. Dealers are going out of business and fairly soon Chrysler and GM may be gone...
...Chrysler LLC has warned the Canadian government and the Canadian Auto Workers (CAW) union that it will close its assembly operations north of the border unless it gets $2.3 billion in loans from Ottawa, a 25% reduction in labor costs and a waiver on more than $1 billion in taxes owed...
...Chrysler president Thomas LaSorda, himself Canadian born, told a top Parliamentary committee Wednesday night that unless the Canada capitulates, he will move operations to the U.S. and Mexico, a position that has not only infuriated the CAW, but also triggered a public backlash against the teetering automaker. "I'm truly shocked," says analyst Dennis DesRosiers of Richmond Hill, Ont.-based DesRosiers Automotive Consultants. "LaSorda said things I thought I would never hear from an auto executive." The privately owned automaker has not shown the same flash of bravado and temper in dealing with Congress and the United Autoworkers...
...Chrysler's demand that the CAW slash labor costs by 25% caught the industry by surprise because it breaks with the time-honored tradition of pattern bargaining - in which an agreement by one of the automakers with the union sets the pattern for the others. Earlier this week the CAW gave up a special annual bonus and agreed to a reduction in paid time off in reaching a deal with General Motors. But that deal was criticized by some in the industry as insufficient. Indeed, Ford Motor Co. said Friday it will also reject the GM-CAW deal...
...Massive bailouts like those being considered for GM and Chrysler in the U.S. aren't currently on the cards for most European and Asian carmakers, which don't face the kind of long-term structural problems dogging Detroit. Instead, policymakers in countries with substantial automotive industries are rolling out programs to ease the short, sharp shock of plunging sales by giving consumers incentives to start buying again. In January, China slashed its sales tax on cars with engines of up to 1.6 liters. The measure, designed to get Chinese to buy smaller, more fuel-efficient vehicles, had an immediate impact...