Chrysler to Close Down For A Month

Chrysler is finding it hard to handle the emerging crisis in the auto industry. On Wednesday, Chrysler announced that it will close down all the production work for a minimum of one month. The 30 factories under this automaker will remain closed till 19th of January, 2009. Though its a normal practice for the Detroit's automakers to close the production plants for two weeks at the end of every year, this news is being seen as the consequence of recession in global auto economy. With 46,000 workers employed in Chrysler's factories, this auto news has stirred ripples amongst the auto industry employees.

While Chrysler will close down for one month, Ford has also made the announcement to remain closed for three weeks. The extension of holidays truly depict the deploring condition of the auto industry. Seeking immediate help, Chrysler and other automakers had asked the Bush administration to intervene for auto bailout. An immediate loan for this month of $7 billion and $4 billion was demanded by Chrysler and G.M respectively.

Closing down this week, Chrysler production will remain shut till January 19, 2009. It is also possible that some of the factories might remain closed for a little longer than that.