History of Chrysler GMAC for Chrysler, potentially merging two of Detroit's "Big Three" automakers. These talks did not come to fruition, and were discontinued the next month. On October 24, 2008, Chrysler announced a 25% cut (5,000 jobs) in its salaried and contract workforce in November 2008. Michigan Gov. Jennifer Granholm announced that she, along with 5 other governors, sent a letter to Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke requesting emergency funding for the Detroit Big Three Automakers. On the same day, General Motors asked the Treasury Department of the United States for $10 billion to help restructure both
History of Chrysler loyalty built up by the Dart and Valiant predecessors. Chrysler Europe essentially collapsed in 1977, and was offloaded to Peugeot the following year, soon after having helped design the new Plymouth Horizon and Dodge Omni. In 1980, Chrysler Australia, which was producing the locally developed Chrysler Valiant and the Mitsubishi Galant based Chrysler Sigma, was sold to Mitsubishi Motors and changed its name to Mitsubishi Motors Australia Limited. The sub compact Horizon was reaching the US market as the second gas crisis struck, devastating sales of Chrysler's larger cars and trucks, and the company had no strong compact line to