Disintegration of iconic Big Three US automakers accelerates

In a city struggling to deal with the slow disintegration of the iconic General Motors and Ford, Chrysler was the shining star whose bold designs could beat out the Asian competition. That star fell to earth last week with the announcement of major production cuts amid a sharp drop in demand for the trucks, minivans and sport utility vehicles that accounted for 71 percent of its unit sales.

More than 60,000 high-paying union jobs at GM and Ford will be lost as the two giants undergo massive restructuring plans in the face of a steady loss of market share that accelerated as consumers shied away from the highly profitable but gasoline guzzling trucks and SUVs that the Big Three relied upon.

Channel News Asia