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Chrysler plans summer shutdown

Chrysler LLC is telling employees worldwide to take a mandatory two-week vacation in July.

Chrysler informed employees of the plan in an e-mail sent to employees that was obtained by the Associated Press. Chrysler spokeswoman Mary Beth Heilprin confirms the e-mail was sent.

Chrysler plans a corporate-wide shutdown the weeks of July 7 and July 14. Heilprin says some employees may be asked to stay on to work on special projects.

It's common for automakers to shut down plants in July, but this also would affect salaried workers.

Chrysler says the shutdown should help it boost productivity and efficiency. Heilprin didn't have any details about why the decision was made.

Watch the AP video report

-- The Associated Press

Posted by Pam Cotter  at 3:19 PM to Auto industry | Permalink | Comments 0

VW Sets Sales Target, Considers US Plant

WOLFSBURG, Germany -- Volkswagen AG aims to sell 8 million cars a year by 2011 - almost 30 percent more than last year - and will introduce 20 more models including vans, pickups and sport utility vehicles in a bid to expand its market share in Asia, Europe and North America, according to the Associated Press.

Europe's biggest automaker by sales is also looking at building a new plant in the United States that could produce between 100,000 and 150,000 cars per year.

Posted by Peter C. T. Elsworth  at 9:57 AM to VW | Permalink | Comments 0

Oil Prices Set New Highs Above $110

Oil prices on Thursday hit a record high above $110 a barrel as investors fled the tumbling dollar that fell to new lows against the euro and a 12-year low versus the yen, according to the Associated Press.

Light, sweet crude for April delivery rose 78 cents to reach $110.70 in early afternoon European electronic trading on the New York Mercantile Exchange. On Wednesday, it had set a record trading high of $110.20 a barrel.

Posted by Peter C. T. Elsworth  at 9:39 AM to Crude oil market | Permalink | Comments 0