Chrysler

Things are going from bad to worse for the US auto industry. Especially for GM. The latest:

The company announced that it will close two SUV plants in Wisconsin and Ohio on December 23. That's two years ahead of schedule. Combined job losses: about 2,500.

On top of that, it will shutter a metal stamping plant in Michigan by the end of ‘09. Job losses: about 1,340.

More closures are coming. And a merger with Chrysler could be too. God knows, the resultant job losses would be mammoth.

So what happened?

Detroit’s Big 3 automakers may finally be gearing up for the auto efficiency age.

Too bad it took so friggin’ long.

Last week, international consulting firm Global Insight, predicted that the Big 3 will have to pay over twice as much as Japan’s top three automakers to meet America’s interim fuel economy standard of 31.6 mpg by 2015.

About $30.6 billion compared with $14.85 billion. And General Motors alone will have to spend $15 billion.

It’s obvious why.