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Chrysler to Shed Another 3,000 Jobs

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Chrysler, the third-largest US automaker, wants $2 billion more in federal aid to successfully restructure, pushing its total request to $9 billion.

Chrysler also plans to eliminate an additional 3,000 jobs, after shedding 32,000 through the end of last year.

A final plan due March 31st will determine whether government backing continues, or whether Chrysler and rival GM may need to be forced into bankruptcy.

The industry got a boost when the United Auto Workers reached tentative agreements with GM, Chrysler and Ford to amend labor contracts to help the companies survive.

Chrysler has agreed in principle to trade 35% of its equity to Turin, Italy-based Fiat for small-car technology and access to global markets.

Sales last year at Chrysler tumbled 30%, the most of any major automaker.

Chrysler to Shed Another 3,000 Jobs by
Authored by: Harrison Barnes