Chrysler Plans More Than 10,000 Layoffs

Chrysler announced plans to cut more than 10,000 additional jobs and drop four vehicles from its lineup in a massive restructuring plan.

The U.S. automaker, in which Cererus Capital Management acquired an 80 percent stake from DaimlerCjrysler AG in August, plans to eliminate shifts at five North American plants and remove four products from its lineup through 2008.

Combined with other manufacturing moves, some 8,500 to 10,000 hourly jobs will be cut through 2008 and 1,000 salaried employees will be laid off, Chrysler said. In addition, 37 percent of so-called supplemental employment will be cut and overtime for all employees is to be ended.

The job cuts are in addition to the 13,000 layoffs announced in February — 11,000 production jobs and 2,000 salaried jobs.

The vehicles to be eliminated in 2008 are the Dodge Magnum, the convertible version of the Chrysler PT cruiser, the Chrysler Pacifica crossover utility vehicle and the sporty Chrysler Crossfire, the Wall Street Journal reported.

Two new vehicles are due in the next 14 months, as well as hybrid versions of the Chrysler Aspen and Dodge Durango.