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| DaimlerChrysler cuts 13,000 jobs | DaimlerChrysler cuts 13,000 jobs |
| (about 9 hours later) | |
| DaimlerChrysler is to cut 13,000 jobs at its loss-making US unit Chrysler. | DaimlerChrysler is to cut 13,000 jobs at its loss-making US unit Chrysler. |
| It also 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 German-US group also said it would close one Chrysler factory as it continues efforts to turn around the struggling US operation. | The German-US group also said it would close one Chrysler factory as it continues efforts to turn around the struggling US operation. |
| Hit by falling sales, which were down 7% in the US last year, Chrysler has a total workforce of 83,000 people. | Hit by falling sales, which were down 7% in the US last year, Chrysler has a total workforce of 83,000 people. |
| 'Best solution' | 'Best solution' |
| Chief executive Dieter Zetsche, who took over the firm's top job in 2006, said Chrysler will explore strategic options with new industrial partners. | Chief executive Dieter Zetsche, who took over the firm's top job in 2006, said Chrysler will explore strategic options with new industrial partners. |
| GLOBALISATION SERIES II A new series on the challenges facing the car industry Monday: Detroit's DeclineWednesday: Lean Production The view from Chrysler Have you been affected by changes to the auto industry? | |
| "We do not exclude any option in order to find the best solution for both the Chrysler Group and DaimlerChrysler," he told a medi conference. | "We do not exclude any option in order to find the best solution for both the Chrysler Group and DaimlerChrysler," he told a medi conference. |
| "This means all options are on the table." | "This means all options are on the table." |
| He did not indicate whether talks with potential partners had begun. | He did not indicate whether talks with potential partners had begun. |
| Like fellow "Big Three" US carmakers Ford and General Motors, Chrysler has been hit by tough competition from Japanese rivals. | Like fellow "Big Three" US carmakers Ford and General Motors, Chrysler has been hit by tough competition from Japanese rivals. |
| Ford and GM are already cutting thousands of jobs in the US in an effort to reduce costs and improve their competitiveness. | Ford and GM are already cutting thousands of jobs in the US in an effort to reduce costs and improve their competitiveness. |
| Unpopular vehicles | Unpopular vehicles |
| The Chrysler plant that will close is its factory in Newark, Delaware. | The Chrysler plant that will close is its factory in Newark, Delaware. |
| CHRYSLER FACTS 83,000 workers14 main assembly plants in US and CanadaUS sales down 7% in 2006Quarterly losses of $1.5bnOther brands: Dodge and Jeep Check DaimlerChrysler shares | CHRYSLER FACTS 83,000 workers14 main assembly plants in US and CanadaUS sales down 7% in 2006Quarterly losses of $1.5bnOther brands: Dodge and Jeep Check DaimlerChrysler shares |
| With a workforce of 2,100, this makes the firm's slow-selling Dodge Durango and Chrysler Aspen sports utility vehicle (SUV) models. | With a workforce of 2,100, this makes the firm's slow-selling Dodge Durango and Chrysler Aspen sports utility vehicle (SUV) models. |
| Overall, Chrysler is cutting 9,000 jobs in the US and 4,000 in Canada. | Overall, Chrysler is cutting 9,000 jobs in the US and 4,000 in Canada. |
| The job loss announcement came as DaimlerChrysler said Chrysler made a loss of 124m euros in 2006 ($162m; £83m). | The job loss announcement came as DaimlerChrysler said Chrysler made a loss of 124m euros in 2006 ($162m; £83m). |
| Leading US car firms have all been knocked by an over-reliance on thirsty pick-ups and SUVs, at a time when more American drivers are switching to smaller more economical cars. | Leading US car firms have all been knocked by an over-reliance on thirsty pick-ups and SUVs, at a time when more American drivers are switching to smaller more economical cars. |
| Have you been affected by changes in the auto industry? | Have you been affected by changes in the auto industry? |
| In the face of higher petrol prices, Japanese firms such as Honda and Toyota have been quicker to produce a range of such models. | In the face of higher petrol prices, Japanese firms such as Honda and Toyota have been quicker to produce a range of such models. |
| Analysts are now questioning whether Chrysler will be spun off as a separate business. | Analysts are now questioning whether Chrysler will be spun off as a separate business. |
| However, Erich Merkle, of Irn Inc, said such a move was "improbable". | However, Erich Merkle, of Irn Inc, said such a move was "improbable". |
| "If anyone can really unlock the value of an alliance between Daimler, Benz and Chrysler, it is [DaimlerChrysler chief] Dieter Zetsche. | "If anyone can really unlock the value of an alliance between Daimler, Benz and Chrysler, it is [DaimlerChrysler chief] Dieter Zetsche. |
| "He is one of the turnaround kings out there. If he can't do it, no one can." | "He is one of the turnaround kings out there. If he can't do it, no one can." |
| Rivals | Rivals |
| Overall, DaimlerChrysler saw a net profit of 3.2bn euros - up from 2.8bn euros a year ago - largely thanks to the performance of its Mercedes-Benz brand and its trucks business. | Overall, DaimlerChrysler saw a net profit of 3.2bn euros - up from 2.8bn euros a year ago - largely thanks to the performance of its Mercedes-Benz brand and its trucks business. |
| In mid-afternoon trading in Frankfurt, DaimlerChrysler shares were up 2.19 euros, or 4.45%, as investors welcomed the firm's efforts to match the cost-cutting measures of its rivals. | In mid-afternoon trading in Frankfurt, DaimlerChrysler shares were up 2.19 euros, or 4.45%, as investors welcomed the firm's efforts to match the cost-cutting measures of its rivals. |
| Ford has plans to close 16 factories in North America and cut 45,000 jobs. | Ford has plans to close 16 factories in North America and cut 45,000 jobs. |
| GM has already closed 12 plants and cut more than 34,000 jobs, in a bid to cut $9bn (£4.6bn) from 2006 operating costs after a $10.6bn net loss in 2005. | GM has already closed 12 plants and cut more than 34,000 jobs, in a bid to cut $9bn (£4.6bn) from 2006 operating costs after a $10.6bn net loss in 2005. |
| Have you been affected by this story? Or by the global changes in the car industry in general? You can send us your experiences using the form below: | Have you been affected by this story? Or by the global changes in the car industry in general? You can send us your experiences using the form below: |