• From The BBC:

    Troubled US carmaker Chrysler has asked for another bn (£3.5bn) from the US government, saying it plans to axe 3,000 jobs and cut three car models.
    The moves form part of its restructuring plan submitted to the Treasury Department on Tuesday.
    The US government provided Chrysler with a bn loan at the end of 2008 to keep the firm alive.
    Chrysler now says it expects the current downturn in the US car market to last another three years.
    ‘Said right things’
    The US’s third biggest carmaker said its radical surgery had the support of the United Auto Workers (UAW) union, dealers, and suppliers.
    The UAW says it has also reached tentative agreement with Ford and General Motors to help cut those firms’ labour costs.
    Meanwhile, Chrysler also said it planned to cut outstanding debt by bn and reduce fixed costs by 0m in 2009.
    Analyst Lincoln Merrihew, of TNS Automotive Consulting, said: “I’m curious to see how the government responds to this plan, but Chrysler has said all the righ…

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    Posted by Jon @ 11:28 pm

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