Chrysler gets a USD 4 billion loan from the government

Chrysler gets a USD 4 billion loan from the government

US based automaker Chrysler has now received USD 4 billion in loans from the US government.

This comes after the US government provided a similar financial assistance to GM.

Chrysler Chief Executive Bob Nardelli said in a statement: “This initial loan will allow the company to continue an orderly restructuring.”

US automakers are struggling in these times with the economic slowdown. Customers are not buying cars and if they are, Japanese automakers are the ones selling them.

General Motors too received $4 billion in emergency loans on Wednesday.

Nardelli added: “The Treasury Department has been working to complete the multiple, complex financial arrangements quickly and sequentially. The magnitude of these discussions was significant.”