Thursday, Dec 18, 2008
Bit by bit, the world's great economic engine shuts down
Sky News: Chrysler Shuts Down All Factories
Chrysler said Wednesday that it will idle all of its manufacturing operations starting this Friday through at least January 19 in an effort to keep inventories more aligned with plunging U.S. demand for new cars and trucks. "As a result of the financial crisis, the automotive market remains depressed due to the continued lack of consumer credit for potential buyers," the firm said in a statement. "Last week several automakers announced significant downward adjustments in production for the first quarter of 2009," it said. "To make sure our inventory remains aligned with market demand, Chrysler will also extend the holiday shutdown already in place." All operations "will be idled at the end of the shift on Friday", said the statement. [Nothing to do with house prices, sorry.]
6 Comments
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1. little professor said...
Surprised they staggered on as long as they did. Bankruptcy to follow shortly.
2. little professor said...
Meanwhile...
Jaguar in state bail-out talks
Ministers have held discussions with Jaguar Land Rover over the possibility of state assistance for the car maker, Business Secretary Lord Mandelson said.
But he stressed that the firm's Indian owners Tata had "the first responsibility" to ensure its survival and warned that the Government did not have "an open cheque-book" to bail out ailing private companies.
3. drewster said...
Well spotted, LP. I actually like Mandelson's straight-talking on the credit crunch, he has been far more honest about it than most other politicians.
4. last_days_of_disco said...
The problem with Mandelson is that he is excellent at looking descent and honest, but what is he actually doing? That is the big question. He is caught in his own spin-trap. Who can believe him on anything?
5. uncle tom said...
Mandelson is a dishonest little creep - nothing he says can be trusted..
6. p. doff said...
UT
My sentiments exactly. You could have put it far more strongly than that and still defended your position legally, on the grounds that the statement is substantially true.