Business Administration Education Guide

Wednesday, February 14, 2007

Chrysler to cut 13,000 jobs, faces possible sale

DETROIT/FRANKFURT (Reuters) - DaimlerChrysler said on Wednesday it would cut 13,000 jobs at its Chrysler operation in North America and indicated it could sell or spin off the money-losing unit, which would unwind a troubled 9-year-old merger between Chrysler and Mercedes.

The world's No. 5 automaker said it would shut two Chrysler plants as part of a strategy to make the business profitable by 2008 as it focuses more on building fuel-efficient cars, a sector of the market dominated by its Japanese rivals.

The automaker will also cut North American production capacity by 400,000 units through 2009.

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