- Apr 18, 2007
Chrysler spending $1.78bil on new Michigan plants
Chrysler had actually announced many of these upgrades in February, when they pledged about $3 billion to build and revamp plants for the new engines, and the new investments don't change the fact that Chrysler is still planning to cut 13,000 jobs in their overall plan to return to profitability by 2008. New fuel-efficient engines and a renewed focus on cars is hoped to be the solution for record losses due to lower demand for the company's trucks and SUVs. Everybody loves the Hemi, but it ain't exactly a gas-sipper. As part of the new announcement, The Michigan Economic Development Corp. (a state agency) said Chrysler would be getting $11.2 million in tax concessions over the next eight years.
[Source: Automotive News, sub. req'd]