A 26 percent cutback in production is planned in this first quarter. CBS News Business Correspondent Anthony Mason reports on the challenges facing Chrysler. At the auto show in Detroit, troubled Chrysler introduced a new Jeep and a new president, reports CBS News Correspondent Anthony Mason. He is Dieter Zetsche, the German engineer sent from Daimler-Chrysler's Stuttgart headquarters to save a company in crisis.
Sweeping layoffs are reportedly imminent.
And Zetsche says Chrysler workers should be uneasy. Before its merger with Daimler-Benz two years ago, Chrysler was Detroit's most profitable motor company. But the slowing economy and tougher foreign competition have stalled sales. What Zetsche has planned is a sweeping 26 percent cutback in production in this first quarter. He's also putting pressure on the unions.