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By TransportationCrossing.com
Chrysler Cuts 1,000 Jobs
By TransportationCrossing.com
Citing challenging market conditions, Chrysler will be eliminating 1,000 white-collar jobs by September.
This marks the fourth layoff in 18 months for the Auburn Hills, Michigan-based car maker. Chrysler also recently announced it was closing its Minivan plant in St. Louis and reducing pickup production, all affecting 2,400 workers.
JD Power and Associates projects a 10% decrease in new vehicle retail for the year. JD Power also forecasts light vehicle sales to drop to 14.2 million units for 2008, compared to 16.1 million units sold last year.
A combination of a slumping US economy, high fuel costs, and a slow rental fleet market have left Chrysler to fight to preserve liquidity. The result: cost cutting and reductions in the size of the company going forward.
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