Sales of light vehicles fell about 3.4 percent in the US last month to a seasonally adjusted annual rate of 16.58 million units, the lowest since April 1999. DaimlerChrysler said its American sales dropped 5.5 percent, while Ford and its import brands experienced a 7.2 percent dip and General Motors, including its Saab unit, absorbed an 8.1 percent drop. DaimlerChrysler and Ford said they'd cut production and temporarily lay off workers this month. The troubles were blamed on high energy costs and a slowing economy.
More than 500 Houston-area workers will lose their jobs as Telxon Corp. shuts its operations in the area next year, the Houston Chronicle reported. The newspaper said the closings are related to the finalizing this week of a merger between Telxon, a Cincinnati-based manufacturer of hand-held computers and bar-code scanners, and chief rival Symbol Technologies of Holtsville, N.Y.
Employees were to report for work today at the largest of Daewoo Motor Co.'s assembly plants after the bankrupt South Korean automaker received an emergency infusion of cash from its major creditors. But company executives warned of future sacrifices - especially deep job cuts - since "we must be reborn to turn the company into a competitive one." Daewoo's Bupyong plant at Inchon closed Nov. 8 when suppliers stopped delivering needed components. Estimates put the number of cars that the plant would have built since then at 10,600, worth $96 million.
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