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Chrysler to Halt Production at All Plants for 1 Month (Update1)
By Mike Ramsey
Dec. 17 (Bloomberg) -- Chrysler LLC, the third-largest U.S. automaker, will close all 30 of its plants for at least a month at the end of shifts on Dec. 19 as it combats plummeting demand for vehicles.
The earliest the operations will come back on line is Jan. 19, the Auburn Hills, Michigan-based company said in a statement today.
Chrysler’s decision to suspend production comes after a 47 percent decline in U.S. sales in November. The automaker has asked for emergency bridge financing from the U.S. government to avoid collapse.
Two factories in Toledo, Ohio, that make the Jeep Liberty, Dodge Nitro and Jeep Wrangler will be closed until Jan. 26. The minivan plant in Windsor, Ontario and the Dodge Viper operations in Detroit will shut until Feb. 2, said Shawn Morgan, a Chrysler spokeswoman.
Chrysler financing arm may halt dealer loans: reports
By Sue Chang
Last update: 2:00 p.m. EST Dec. 17, 2008
SAN FRANCISCO (MarketWatch) -- Chrysler LLC's financing unit may temporarily halt loans to dealers as they pull funds from an account that is used to pay off these loans, according to media reports Wednesday. Almost $60 million a day is flowing out from the account, Chrysler Financial Chief Executive Thomas Gilman said, according to a copy of a letter provided by the Wall Street Journal. Additional withdrawals could "potentially force us to temporarily suspend wholesale financing," writes Gilman