Results tagged “autoindustry”

Just one day after the announcement Chrysler will cut 14 Chicago-area dealers and another 28 in Illinois, General Motors delivered some bad news to auto dealers as well. About 1,100 of GM's 6,000 dealers won't have contracts renewed after they expire in October 2010. While it is not known how many of those casualties are located in Chicago or Illinois -- GM said it does not have to release that information -- two local GM dealers say they have already received the dreaded notice.

The Obama Administration announced late Thursday that it would offer up to $5 billion in revolving credit to guarantee payments owed to thousands of auto parts suppliers. The funding, which doesn't inject cash directly into businesses, will provide liquidity to keep an industry that supports some half a million jobs operating. Both General Motors and Chrysler will also kick in five percent, or about $250 million each.