Chrysler to cut employees, idle plant, eliminate shifts

DaimlerChrysler AG's Chrysler Group today announced a three-year Recovery and Transformation Plan that seeks a return to profitability by 2008, while also taking steps to change its business model for the long run, the company said. The plan will result in an employee reduction of 13,000 people from 2007 to 2009.

The plan also calls for the Newark Assembly Plant to be idled, shifts eliminated, and total capacity reduced by 400,000 units.

Read the full announcement.