Just came across FOXNEWS.

NEW YORK — Chrysler says it will close all 30 of its manufacturing plants for a month starting Friday.

The company needs to match production to slowing demand and conserve cash.

Tighter credit markets are keeping would-be buyers away from their showrooms, Chrysler says. Dealers are unable to close sales for buyers due to a lack of financing, and estimate that 20 to 25 percent of their volume has been lost due to the credit situation.

Chrysler claims it is nearing the minimum level of cash it needs to run the company and will have trouble paying bills after the first of the year.

Operations at the 30 plants will be idled at the end of shift on Friday, Dec. 19, and will not come back online until Jan. 19, 2009, or later.

 

damn i hope ford and gm dont follow suit

 

GM started shutting plants last week. We have the Tahoe, Suburban and Escalade plant in Arlington and it is closing for atleast a month (not sure when). In the past they have closed for a short period every year but never a month.

 

the news said the union workers at Chrysler will be geting 95% of their pay during this time

Ford also anounced today that it will be closing 10 of its plants next week

 

Local news tonight said these closing could result in the prices of autos going up 20%. They said the increase of MSRP would cover the decreasing amount of sales due to credit. The last time there was an increase based on volume was 1992.

This might be the start of the worse before better. Never fear though, change is coming