Project X: Chrysler's Bold Revitalization Plan

The Detroit Free Press quotes insiders who say Chrysler will announce a "bold revitalization plan" that calls for cuts of up to 10,000 jobs. There had been speculation its parent company, DaimlerChrysler, might spin-off its U.S. operations at Chrysler, but insiders doubt that's likely after the years spent blending the German and American businesses. The Detroit News reports that the plan, dubbed "Project X" and to be unveiled on Feb. 14, "calls for unprecedented sharing of vehicle architectures and parts between Chrysler and Mercedes, including developing small cars and SUVs together." The revitalization plan is the handiwork of Chairman Dieter Zetsche, Chrysler CEO Tom LaSorda and Mercedes-Benz Chief Operating Officer Rainer Schmückle. Chrysler currently employs about 80,000 people.