Chrysler and General Motors announce job losses and need $21bn in aid

By News on the Net —— Bio and Archives February 18, 2009

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Struggling US carmakers, Chrysler and General Motors, have announced major job losses and said they need $21.6 billion (£15.1 billion) between them in order to survive.

The car industry worldwide has suffered as consumers cut back on big ticket items and many other carmakers worldwide have been making major cut backs. Firstly, General Motors has said it would try to borrow up to $16.6 billion from the US Government - this is in addition to the $13.4 billion it has already received. Furthermore, the carmaker has announced plans to shed a massive 47,000 jobs worldwide and plans to shut five more factories...more