 
Thecarl
Member
Username: Thecarl
Post Number: 862
Registered: 04-2005
| | Posted on Wednesday, December 17, 2008 - 5:38 pm: |    |
from the freep:
quote:Chrysler announced today it will close all 30 of its manufacturing plants for a month starting Friday.
The company needs to match production to slowing demand and conserve cash.
Tighter credit markets are keeping would-be buyers away from their showrooms, Chrysler says. 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.
Chrysler claims it is nearing the minimum level of cash it needs to run the company and will have trouble paying bills after the first of the year.
Operations at the 30 plants will be idled at the end of shift on Friday, Dec. 19, and will not come back online until Jan. 19, 2009, or later.
very, very bad. |
Bob
Member
Username: Bob
Post Number: 1224
Registered: 11-2003
| | Posted on Wednesday, December 17, 2008 - 5:41 pm: | |
SO many people can't get financing for cars that there are few people to buy, so they have to cut production to meet demand. Does not bode well for MI unemployment numbers. Detnews is reporting the MI unemployment number for MI is now 9.6%. Would not be surprised to see it above 10% for the next month. |
Leannam1989
Member
Username: Leannam1989
Post Number: 148
Registered: 06-2008
| | Posted on Wednesday, December 17, 2008 - 5:50 pm: | |
My brother-in-law here in Missouri is getting laid off for part of January. Though his plant makes parts for Chrysler, Ford, GM, and I think also Toyota. |
Thecarl
Member
Username: Thecarl
Post Number: 866
Registered: 04-2005
| | Posted on Wednesday, December 17, 2008 - 11:22 pm: | |
worser and worser...
quote:Chrysler asks dealers to lower withdrawals
by The Associated Press
Wednesday December 17, 2008, 5:01 PM
NEW YORK - Chrysler Financial says it may have to temporarily halt its dealer financing program if dealers keep withdrawing large amounts of money from an account used to repay financing costs.
Thomas F. Gilman, Chrysler Financial's chief executive, said in a letter to dealers that dealers have withdrawn over $1.5 billion from the cash management account since July and daily withdrawal requests are near $60 million.
The letter was posted Wednesday on The Wall Street Journal's Web site.
Gilman said the withdrawal's have resulted in a drop in its wholesale capacity, which makes it harder to provide additional loans to dealers to finance their inventories.
He asked dealers to limit their withdrawals from the account or even increase their balances. |
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