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Japanese partner of Chrysler cuts back aid

  • By With Analysis from Monitor Correspondents around the world
  • edited by Ruth Walker

| Tokyo

Mitsubishi Motors will continue aid to Chrysler Corporation this month with short-term trade credits, which help the Japanese automaker import about 20,000 vehicles a month to the US. Chrysler, which has a 15 percent stake in Mitsubishi Motors, has asked the firm to increase US imports, but Mitsubishi will hold to present levels until Chrysler is financially sound.

Meanwhile, a group of seven Japanese banks, headed by Mitsubishi Bank, will not re-extend Chrysler credit of $160 million, which was stopped in January after the corporation refused to pay the overdue amount.

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