Chrysler

Chrysler LLC is an American automobile manufacturer that has manufactured automobiles since 1925.[1] From 1998 to 2007, Chrysler and its subsidiaries were part of the German based DaimlerChrysler (now Daimler AG).[2] Prior to 1998, Chrysler Corporation traded under the "C" symbol on the NYSE. Under DaimlerChrysler, the company was named "DaimlerChrysler Motors Company LLC", with its U.S. operations generally referred to as the "Chrysler Group".

On May 14, 2007 DaimlerChrysler AG announced the sale of 80.1% of Chrysler Group to American private equity firm Cerberus Capital Management, L.P., although Daimler continues to hold a 19.9% stake. This was when the company took on its current name.[3] The deal was finalized on August 3, 2007.[4] On August 6, 2007, after the announcement of the spin-off to Cerberus, the Chrysler LLC, or "The New Chrysler", unveiled a new company logo and launched its new website with a variation of the previously used Pentastar logo. Robert Nardelli also became Chairman and CEO of Chrysler under the ownership of Cerberus.

On October 23, 2008, Daimler announced that its stake in Chrysler had a book value of zero dollars after write offs and charges.[5] Cerberus has since accused Daimler of providing misleading information during the 2007 sale negotiations. [6]

Amid the 2008 automobile crisis, Chrysler announced in December 2008 that it was almost out of cash, and might not survive past 2009. After the defeat of the auto bailout in the Senate, Chrysler stated that they would most likely file for bankruptcy and shut down all operations permanently. On December 17, 2008, Chrysler announced that it would close all of its North American plants on December 19 for at least a month or longer. That same day, President Bush announced a $13.4 billion rescue loan for the American automakers, including Chrysler.[7]

History

Founding and early years

The company was founded by Walter P. Chrysler on June 6, 1925,[1] when the Maxwell Motor Company was re-organized into the Chrysler Corporation.[8]