As further indication of the auto industry?s woes, Chrysler announced Wednesday that it would shut down its factories for four weeks ? two weeks longer than the automaker?s usual end of the year closure. Some of the factories could close for even longer the firm noted, citing plummeting sales. The situation at Chrysler has been worsened by nervous auto dealers using the company?s lending arm to stock up on inventory, as well as potential customers unable to secure loans adding to already falling sales. Ford also announced it would extend its seasonal closure by a week, while GM stated last week that it will shut down 20 plants for a portion of the first quarter.
See "Chrysler to Shut Factories for a Month", Nick Bunkley, The New York Times, December 17, 2008