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US Car Giants Need More Help for '3 Year' Global Economic Crisis
World | February 18, 2009, Wednesday // 00:00
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US car manufacturers GM and Chrysler have asked the US government for another USD 21.6 B, on top of the USD 17.4 B already received and also announced a planned 50 000 job cuts, the BBC reported Wednesday.
The car giants plan to axe 47 000 and 3 000 jobs respectively, as well as shedding a number of car models. The moves form part of their drastic restructuring plans submitted to the US Treasury Department on Tuesday night.
It came as the United Auto Workers (UAW) union reached agreement with GM, Chrysler and Ford on contract changes.
General Motors said it would try to borrow up to USD 16.6 B more from the government, on top of the USD 13.4 B it has already received. GM says that it could be in profit within two years and fully repay its loans by 2017.
Chrysler, which was given a USD 4 B loan by the US government at the end of 2008, revealed its own survival plan. It has asked for another USD 5 B funding, and plans to cut 3 000 posts.
The firm will also cut three car models in 2009 - the Chrysler Aspen and PT Cruiser, and the Dodge Durango.
Unveiling its proposals, Chrysler said it now expects the current downturn in the US car market to last another three years.
The car giants plan to axe 47 000 and 3 000 jobs respectively, as well as shedding a number of car models. The moves form part of their drastic restructuring plans submitted to the US Treasury Department on Tuesday night.
It came as the United Auto Workers (UAW) union reached agreement with GM, Chrysler and Ford on contract changes.
General Motors said it would try to borrow up to USD 16.6 B more from the government, on top of the USD 13.4 B it has already received. GM says that it could be in profit within two years and fully repay its loans by 2017.
Chrysler, which was given a USD 4 B loan by the US government at the end of 2008, revealed its own survival plan. It has asked for another USD 5 B funding, and plans to cut 3 000 posts.
The firm will also cut three car models in 2009 - the Chrysler Aspen and PT Cruiser, and the Dodge Durango.
Unveiling its proposals, Chrysler said it now expects the current downturn in the US car market to last another three years.
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