Chrysler says to shut down all production for a month

In September 2005, Chrysler is currently limited liability company vice chairman and president of (then-Chrysler Group President and Chief Executive Officer) Lasorda (Tom LaSorda) in China, announced the investment strategy group will be 350,000,000 U.S. dollars, Fuzhou station wagon in the production van (MPV), in Beijing to create award-winning model Chrysler 300C, all of the local market. September 15, 2006, Chrysler Co., Ltd. and its long-term partner Beijing Automotive Industry Holding Co., Ltd. joint venture of Beijing Benz - • Daimler Chrysler Automotive Co., Ltd. (BBDC) inaugurated a new factory Festival, announced the production of Chrysler 300C. In November 2006, the Chrysler 300C in the domestic market nationwide. In February 2007, Chrysler PT Cruiser in 45 cities in 60 simultaneous listing of food outlets, caused by a warm market response. On the eve of the Spring Festival in 2007, Chrysler Co., Ltd. announced that it would have to introduce Dodge brand. April 2007 Shanghai auto show, the new Jeep ® Commander and Jeep ® Grand Cherokee listed on a grand, to the Chinese consumers a complete picture of the new Jeep ® image. In September 2007, Jeep ® Guide and Chrysler Grand Voyager grand domestic market. In addition, Chrysler Co., Ltd. also announced that a grand Dodge officially entered China and will soon be made Qikai Road Link. November 2007 Guangzhou Motor Show, the first China-made products Dodge Road Qikai get listed, the world's best-selling MPV originator of a formal meeting with Chinese consumers. At the same time, the Dodge brand to speed up the pace to enter the China market, great sports-style middle imports of Dodge's first car in front chul in January 2008 listing, followed by a strong color of the Crossover compact car is also cool to fight in 2008 By the end of February visit China
DETROIT (Reuters) - Citing a credit crisis and dwindling sales, Chrysler LLC on Wednesday said it would shut down all of its manufacturing operations from the end of this week for at least a month.The blanket shutdown marked a deepening of the financial crisis for the embattled U.S. auto industry and came as Chrysler and its larger rival General Motors Corp both seek to shore up cash as they seek a federal bailout they say they need to survive.
Chrysler, considered the weakest of the Detroit automakers, made the announcement on its plant shutdown in a letter sent on Wednesday to its employees, suppliers and the United Auto Workers union that was also posted on its website.
Chrysler said its dealers were getting car shoppers into showrooms but losing between 20 percent and 25 percent of those potential sales because of the lack of consumer financing for new car purchases.
"As a result of the financial crisis, the automotive market remains depressed due to the continued lack of consumer credit for potential buyers," the automaker said in a statement.
Separately, Chrysler said its finance arm could be forced to stop making loans dealers use to finance inventory because the dealers have been pulling money out from a fund that helps finance the floorplan loans.
The shutdown by Chrysler will idle plants in the United States, Canada and Mexico producing vehicles for its Chrysler, Jeep and Dodge brands.
The more than 30,000 Chrysler workers in the United States represented by the UAW receive nearly full benefits and wages during plant shutdowns, but labor costs represent only about 10 percent of the total cost of the average vehicle.
By idling plants, Chrysler and other automakers can cut costs on inventory, components and related charges such as utilities for operating large production facilities.
The moves also keep finished vehicle inventories from piling up on dealer lots and increasing the pressure for even greater discounting to consumers.
GM said last week that it was cutting its first-quarter production schedule by 60 percent compared with the same period a year earlier.
Privately held Chrysler is 80-percent owned by private equity firm Cerberus Capital Management