Auto show opens in New York

• Source: CCTV
• [16:01 April 10 2009]
• Comments

Automakers are showing off the economical value and environmental benefits of their new vehicles at the New York International Auto Show. The show comes during bleak time for the industry. Last week, automakers reported a 37 percent decline in March US sales.

Chrysler has unveiled a new luxury Jeep Grand Cherokee that promises 11 percent better fuel efficiency over previous models.

Chrysler Vice Chairman Jim Press optimistically says the automaker is doing everything possible to stay in business.

Jim Press, vice chairman of Chrysler LLC, said, "Right now here at Chrysler it's business as usual. That means that we continue to be focused on our customers and our dealers, listening to what they have to say and working hard to earn their confidence and trust for the future,"

General Motors has introduced its new gas-sipping crossover SUV, the GMC Terrain. It's a sport utility vehicle which will get an estimated 7.8 liters per 100 kilometers on the highway.

Troubled GM says its presence is more toned down this year than in the past.

Ed Welburn, vice president of GM Global Design, said, "We have not spent as much money on the displays as we have in the past, far less money on the displays, there aren't as many large video walls and cutaway models. The focus is on the vehicles."

U.S. auto sales tumbled nearly 40 percent in the first three months of 2009 to the lowest level in 27 years. This has driven GM and Chrysler to the brink of bankruptcy and other major automakers into mounting losses.

Chrysler's lenders are in talks with the U.S. government to reduce the automaker's debt by swapping some of it for equity, new debt or a smaller cash boost.

General Motors is under pressure to reach sweeping concessions with bondholders and the UAW by June 1st. The Obama administration says the alternative would be a government-controlled bankruptcy.