Word: chryslers
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...clock ticking on the hemorrhaging U.S. auto industry, the Bush Administration agreed to come to its rescue by offering a total of $17.4 billion in loans in exchange for concessions from the ailing companies and their workers. A majority of the funds will be offered to General Motors and Chrysler LLC immediately, with another $4 billion to be made available pending what the White House considers a viable recovery plan...
...move followed a week in which the Big Three announced plant closures or sharp cutbacks in operations in advance of the holidays. Chrysler announced on Wednesday that it is preparing to shutter all 30 of its manufacturing plants, starting Friday, through Jan. 19. "Part of this was planned already," said Lori McTavish, Chrysler's director of communications. (See pictures of the remains of Detroit...
...statement about the extended holiday shutdown, Chrysler said the lack of financing for car loans contributed to the move. "Due to the continued lack of consumer credit for the American car buyer and the resulting dramatic impact it has had on overall industry sales in the United States," the action was needed, the company said. At a recent meeting between Chrysler management and dealers at Chrysler's headquarters, the dealers asserted that they have willing buyers for Jeep and Dodge vehicles but are unable to close the deals due to lack of financing. "The dealers have stated that they have...
Last week General Motors also announced deep cuts in production. The company will close all of its passenger-car plants for the month of January and reduce the company's production of new cars and trucks 30% during the first quarter. Chrysler and GM have asked the U.S. government for $14 billion in bridge loans to weather the current credit crunch. (See the 50 worst cars of all time...
Automakers waited all week for news of the expected bridge loan, which finally came on Friday. "The longer we wait, the worse the situation becomes," said one auto executive close to the situation. The Wall Street Journal reported that GM and Chrysler restarted merger talks, but both companies have flatly denied it. "We certainly are not in any merger talks with Chrysler," says Tom Wilkinson, a GM spokesman. "The report was simply wrong...