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DETROIT - Chrysler LLC said on Thursday it would shut all but its most essential operations worldwide for two weeks in July, a first for the struggling No. 3 U.S. automaker as it attempts to cut costs and preserve cash.
Chrysler, which is in a restructuring that includes trimming some vehicle lines and offering buyouts to its 44,000 U.S. hourly workers, lost $1.6 billion in 2007.
A recession in the U.S. auto market and rising raw material prices are pressuring global automakers, Nissan Motor CEO Carlos Ghosn said Friday, but he expressed optimism the situation would improve.
"We are very lucid on the situation of the industry that there is a recession in the United States, at least in the car market," Ghosn told reporters, adding automakers also face rising costs for iron ore, precious metals, aluminum and other materials.
"These represent risk for the industry," he said.