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Chrysler halts production for a month

Merry Christmas, huh? Chrysler announced today, effective at the end of Friday, it would shut down all 30 of it's U.S. manufacturing facilities for one month. Chrysler blamed the "continued lack of consumer credit for the American car buyer" for the slow-down in sales that forced the move.

Chrysler would not say how many fewer vehicles would be produced because this shut-down. A total of 46,000 employees will be effected by the shut down. Those employees will be paid during the shutdown through a combination of state unemployment benefits and Chrysler contributions, but they will not receive the full amount of their working pay, a Chrysler spokesman said.

Auto sales have been hit hard by tight credit and the struggling economy. Overall auto sales in the United States were down 37% last month compared to November 2007.

Chrysler's situation was especially bad. Its sales were down 47%.

Ford also announced Wednesday that it will shut down 10 of its plants for an extra week due to slow sales.

General Motors recently announced it was idling 30% of its North American manufacturing capacity during the first quarter of 2009 in response to deteriorating market conditions.

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