Automakers seek billions more

General Motors  Corp. and Chrysler LLC may need a total of $39 billion in government aid to survive -- an additional $21.6 billion beyond what they sought in December, the companies said Tuesday in reports detailing how they plan to return to profitability.

GM outlined a massive restructuring that would slash 47,000 jobs this year -- about 19 percent of the company’s global work force  -- and close five more unidentified U.S. plants, bringing the total to 14 plant closures in the next three years.The automaker also said it would make Pontiac a "youthful and sporty" niche brand and phase out Saturn after 2011 if it can’t find a buyer for the brand.Chrysler said it would cut another 3,000 jobs and drop the Aspen and Dodge Durango sport utility vehicles and the once-popular PT Cruiser. Read the full storyGeneral Motors  Corp. and Chrysler LLC may need a total of $39 billion in government aid to survive -- an additional $21.6 billion beyond what they sought in December, the companies said Tuesday in reports detailing how they plan to return to profitability.

GM outlined a massive restructuring that would slash 47,000 jobs this year -- about 19 percent of the company’s global work force  -- and close five more unidentified U.S. plants, bringing the total to 14 plant closures in the next three years.

The automaker also said it would make Pontiac a "youthful and sporty" niche brand and phase out Saturn after 2011 if it can’t find a buyer for the brand.

Chrysler said it would cut another 3,000 jobs and drop the Aspen and Dodge Durango sport utility vehicles and the once-popular PT Cruiser.

 

Read the full story

600450 Automakers seek billions more glassonweb.com
Date: 23 February 2009
Source: http://www.delawareonline.com

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