Subscribe to Dollars & Sense magazine. Recent articles related to the financial crisis. Automakers Ditch Jobs, 401Ks, and NASCARA quick gloom and doom update on the US auto industry today.Chrysler announced that it was cutting 1,825 jobs. The cuts are about 6% of the company's hourly workforce of 33,000. General Motors announced that it is indefinitely suspending company matching contributions to employee 401K retirement accounts. The Washington Post reports that Detroit automakers are pulling out of NASCAR: GM's annual investment alone was rumored to be $120 million-$140 million at the peak of its involvement in NASCAR. But it severed sponsorships with Bristol Motor Speedway and New Hampshire Motor Speedway this summer, and deeper cuts are promised as part of GM's $10 billion cost-savings program. Labels: 401K, auto industry, Chrysler, General Motors, GM |