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Chrysler Closing All 30 Plants For 1 Month
Troubled Automaker Needs To Match Production To Slowing Demand; Ford Confirms Longer Holiday Shutdown
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DETROIT, Dec. 17, 2008
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(CBS/ AP) Chrysler LLC said Wednesday that it is closing all 30 of its manufacturing plants for a month starting Friday as it seeks to counter the most severe downturn in U.S. auto sales in more than two decades.
By extending the traditional two-week holiday shutdown period, the struggling Auburn Hills, Michigan-based automaker can adjust production to slowing demand and conserve cash.
In a statement Wednesday, Chrysler said tighter credit markets are keeping would-be buyers away from its showrooms. The company said its dealers are unable to close sales for buyers due to a lack of financing, and estimate that 20 to 25 percent of their volume has been lost due to the credit situation. Sales in November slid 47.1 percent.
Chrysler and larger rival General Motors Corp. have warned they could run out of cash within weeks without financial aid from Washington. Chrysler has said its cash will drop to $2.5 billion by Dec. 31, the minimum needed to meet
Troubled Automaker Needs To Match Production To Slowing Demand; Ford Confirms Longer Holiday Shutdown
Comments 46
DETROIT, Dec. 17, 2008
E-Mail Story
Print Story
Sphere
Share
Text Size: A A A
(AP)
Related
In-Depth
Q&A: Big Three Bailout?
Why Detroit's automakers might get a rescue package
Stories
Do We Need A Detroit Bailout? Really?
White House Plays It Cool On Auto Bailout
(CBS/ AP) Chrysler LLC said Wednesday that it is closing all 30 of its manufacturing plants for a month starting Friday as it seeks to counter the most severe downturn in U.S. auto sales in more than two decades.
By extending the traditional two-week holiday shutdown period, the struggling Auburn Hills, Michigan-based automaker can adjust production to slowing demand and conserve cash.
In a statement Wednesday, Chrysler said tighter credit markets are keeping would-be buyers away from its showrooms. The company said its dealers are unable to close sales for buyers due to a lack of financing, and estimate that 20 to 25 percent of their volume has been lost due to the credit situation. Sales in November slid 47.1 percent.
Chrysler and larger rival General Motors Corp. have warned they could run out of cash within weeks without financial aid from Washington. Chrysler has said its cash will drop to $2.5 billion by Dec. 31, the minimum needed to meet
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