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Hard Times: Chrysler To Slash Up To 15 Percent Of Workforce

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Chrysler LLC said Thursday it plans to cut up to 12,000 jobs, or up to 15 percent of its workforce, as part of an effort to slash costs and match slowing demand for some vehicles.

The automaker will cut 8,500 to 10,000 hourly jobs and 2,100 salaried jobs through 2008. The company already had begun cutting 1,100 temporary workers Wednesday. It will eliminate shifts at five North American assembly plants and cut four vehicle models from its lineup.