GM and Chrysler Decline
Tuesday marked the deadline for both GM and Chrysler to submit reports to the Obama administration outlining their efforts at cutting both operational costs and their massive debt loads, and specifying their prospects for viability going forward. Chrysler came through with a request for an additional $2 billion (to a total of $9 billion) in aid from the US government, of which they have already received $4 billion. They also said they need to eliminate another 3,000 jobs, bringing total cuts to 35,000 since last year. The nation’s third largest automaker has also pledged to reduce the number of models it offers, slash production capacity, and renegotiate its union contracts. Read Full Article »
