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2008-12-17 Home Front Economy

GM Is Likely to File for Bankruptcy, Report Says

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Posted by tipper 2008-12-17 20:48|| || Front Page|| [1 views ] Top

#1 Drudge has an article up that says Chrysler is shutting all plants in the US and Mexico for at least a month due to sales slump

Posted by USN,Ret. 2008-12-17 21:03|| 2008-12-17 21:03|| Front Page Top

#2 AP: Chrysler announced Wednesday it is closing all its North American manufacturing plants for at least a month, the starkest move taken by U.S. automakers as they anxiously await word about government loans.

Attempting to cut costs, GM was halting construction of a plant tied to one of its most important projects, the Volt. Ford also said it will shut down 10 plants for an extra week in January because of sluggish sales.

Chrysler said it would extend the normal two-week holiday shutdown that begins Friday to at least Jan. 19 at all 30 of its factories due to slumping sales.

The lack of consumer credit is hampering sales and forcing the production cuts, Chrysler LLC said in a statement. Chrysler, Jeep and Dodge dealers say they have willing buyers for vehicles, but they can't close the deals, Chrysler said. "The dealers have stated that they have lost an estimated 20 to 25 percent of their volume because of this credit situation," the statement said.

The credit situation isn't any better w/ other manufacturers.

Posted by ed 2008-12-17 21:18|| 2008-12-17 21:18|| Front Page Top

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