This will put tens of thousands of employees out of work, and have a "ripple effect" on perhaps hundreds of thousands of others who work at smaller companies that supply parts, conduct repairs and perform testing.
This is a MAJOR event which will likely lead to more financial downturn as its effect reverberate through the economy.
More details as they become available. . . . . .
UPDATE: 5:32 PM EDT -- Chrysler LLC, the third-largest U.S. automaker, will close all 30 of its plants for at least a month at the end of shifts on Dec. 19 as it combats plummeting demand for vehicles.
The earliest the operations will come back on line is Jan. 19, the Auburn Hills, Michigan-based company said in a statement today.
Chrysler’s decision to suspend production comes after a 47 percent decline in U.S. sales in November. The automaker has asked for emergency bridge financing from the U.S. government to avoid collapse.Two factories in Toledo, Ohio, that make the Jeep Liberty, Dodge Nitro and Jeep Wrangler will be closed until Jan. 26. The minivan plant in Windsor, Ontario and the Dodge Viper operations in Detroit will shut until Feb. 2, said Shawn Morgan, a Chrysler spokeswoman