by The Associated Press
Published: Tue, February 17, 2009 - 3:55 pm CST
AUBURN HILLS, Mich. (AP) - Chrysler LLC says it needs another $5billion to survive, and it will cut 3,000 jobs and three vehicle
models as part of the restructuring plan it submitted to the U.S.
government.
Chrysler originally said that it would need just another $3
billion on top of the $4 billion in government loans it received in
December. But it said Tuesday it will need an extra $2 billion to
survive the unprecedented decline in the auto industry.
The Auburn Hills, Mich.-based automaker says it has reached
fundamental agreements on concessions with unions, dealers,
suppliers and lenders to achieve the concessions required by its
government loan terms.
Chrysler also says it will reduce a manufacturing shift, remove
100,000 units from production capacity and cut costs by $700
million.
(Copyright 2009 by The Associated Press. All Rights Reserved.)
GM Wants Another $16 Billion
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