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Chrysler shuts plants, Bush weighs bailout pleas
Embattled U.S. automakersGeneral Motors Corp and Chrysler LLC both announced steps toshore up their dwindling cash on Wednesday as they awaited wordon whether the White House would grant them billions of dollarsin emergency loans.
GM said it was suspending work on construction of an engineplant in Flint, Michigan where it planned to build a new smallengine vital to its effort to reinvent itself as a maker offuel-efficient and all-electric cars.
Chrysler said it would shut down all of its production forat least a month, effective from the last shift on Friday.
The No. 3 U.S. automaker, considered the weakest player inan embattled industry, also said its U.S. dealers were losingup to a quarter of all potential sales because of thedifficulty in securing consumer loans.
In another move underscoring the deepening of the crisis,Chrysler said its financing arm might have to suspend loans toits dealers which they use to carry inventory of unsoldvehicles. The move would potentially cut off trade credits thatU.S. auto retailers depend upon to stay in business.
President George W. Bush said a decision on the emergencyloan requests needed to be made 'relatively soon,' butsuggested he was still thinking through basic questions on howthe aid should be structured.
'I'm looking at all options,' Bush said in an interviewwith Fox News Channel.
United Auto Workers President Ron Gettelfinger said timewas running out for the Bush administration to come to the aidof the struggling industry.
'We're just appealing to the administration to take actionas quickly as possible to relieve the fears that exist outthere. And then we've got to get the credit market loosened upto where consumers can take advantage of credit,' Gettelfingersaid in a CNN interview.
GM has said it could run short of cash by early Januarywithout a federal loan. Chrysler has said it has only slightlymore time absent a bailout.
Both automakers and Ford Motor Co, which is notseeking emergency funding, have warned that the failure of oneof Detroit automaker could topple others by triggering acascade of failures among the cash-strapped suppliers thatprovide components across the industry.
GM said it was suspending work on construction of an engineplant in Flint, Michigan where it planned to build a new smallengine vital to its effort to reinvent itself as a maker offuel-efficient and all-electric cars.
Chrysler said it would shut down all of its production forat least a month, effective from the last shift on Friday.
The No. 3 U.S. automaker, considered the weakest player inan embattled industry, also said its U.S. dealers were losingup to a quarter of all potential sales because of thedifficulty in securing consumer loans.
In another move underscoring the deepening of the crisis,Chrysler said its financing arm might have to suspend loans toits dealers which they use to carry inventory of unsoldvehicles. The move would potentially cut off trade credits thatU.S. auto retailers depend upon to stay in business.
President George W. Bush said a decision on the emergencyloan requests needed to be made 'relatively soon,' butsuggested he was still thinking through basic questions on howthe aid should be structured.
'I'm looking at all options,' Bush said in an interviewwith Fox News Channel.
United Auto Workers President Ron Gettelfinger said timewas running out for the Bush administration to come to the aidof the struggling industry.
'We're just appealing to the administration to take actionas quickly as possible to relieve the fears that exist outthere. And then we've got to get the credit market loosened upto where consumers can take advantage of credit,' Gettelfingersaid in a CNN interview.
GM has said it could run short of cash by early Januarywithout a federal loan. Chrysler has said it has only slightlymore time absent a bailout.
Both automakers and Ford Motor Co, which is notseeking emergency funding, have warned that the failure of oneof Detroit automaker could topple others by triggering acascade of failures among the cash-strapped suppliers thatprovide components across the industry.
