History of Chrysler
The history of Chrysler involves engineering innovations, high finance, wide alternations of profits and losses, various mergers and acquisitions, and multinationalization. Chrysler, a large automobile manufacturer, was founded in the 1920s and continues under the name Stellantis North America.
History
Origins
Chrysler was founded by
Walter Chrysler had originally arrived at the ailing Maxwell-Chalmers company in the early 1920s, having been hired to take over and overhaul the company's troubled operations (just after a similar rescue job at the Willys car company.)[3]
In late 1923, production of the Chalmers automobile was ended.[3]
Then in January 1924, Walter Chrysler launched an
Engineering innovations
The original 1924 Chrysler included a carburetor air filter, high-compression engine, full pressure lubrication inside the engine, and an oil filter, at a time when most autos came without all these features.[7] Among the innovations in its early years would be the first practical mass-produced four-wheel hydraulic brakes, a system nearly completely engineered by Chrysler with patents assigned to Lockheed. Chrysler pioneered rubber engine mounts to reduce vibration; Oilite bearings; and superfinishing for shafts.
Chrysler also developed a road wheel with a ridged rim, designed to keep a deflated tire from flying off the wheel. This safety wheel was eventually adopted by the auto industry worldwide.[7]
Following the introduction of the Chrysler, the Maxwell
Early models
- Chrysler 70
- Chrysler Touring
Vehicle marques
In 1928, Chrysler Corporation began dividing its vehicle offerings by price class and function. The
By 2001 and as of September 2009, the company had three marques worldwide: Dodge, Jeep, and Chrysler. Effective October 2009, however, a fourth brand was established with the creation of the Ram brand, a breakout from the Dodge marque. Initially, the new brand consisted of the
Other marques
MoPar, Chryco, AutoPar
In the 1930s, the company created a formal vehicle parts division under the
The MoPar (later Mopar) brand was not used in Canada, where parts were sold under the Chryco and AutoPar brands, until the Mopar brand was phased into the Canadian market beginning in the late 1970s.
Many Chrysler Corporation vehicle parts also bore variants of the DPCD monogram, for Dodge-Plymouth-Chrysler-DeSoto, well after the 1961 end of DeSoto production.
Airtemp
Chrysler's Airtemp marque for stationary and mobile
Airtemp invented capacity regulators, sealed radial compressors, and the self-contained air conditioning system, along with a superior high-speed radial compressor, and by 1941 had over 500 dealers selling its air conditioning and heating systems. The company supplied medical refrigeration units in World War II, and dominated the industry in the 1940s but slowly fell behind. By the 1970s Airtemp was losing money and was sold to Fedders in 1976.[14] In 2012 the name was reborn as a Nordyne byproduct exclusively sold by the R.E. Michel Company.
Acustar
In the 1980s, Chrysler formed a subsidiary business called Acustar to sell parts to other automakers as well as supplying parts for Chrysler-built vehicles, similar to General Motors' creation of
Safeguard
Safeguard is Chrysler's brand for original and replacement auto glass, much of which, from 1958 through the mid-2000s, was made at Chrysler's McGraw glass plant, and some of which was manufactured for Chrysler by established glass companies.[16]
Airflow
In 1934, the company introduced the Airflow models, featuring an advanced streamlined body, among the first to be designed using aerodynamic principles. Chrysler created the industry's first wind tunnel to develop them. Buyers rejected its styling, and the more conventionally designed Dodge and Plymouth cars pulled the firm through the Depression years. Plymouth was one of only a few marques that actually increased sales during the cash-strapped thirties.
The unsuccessful Airflow had a chilling effect on Chrysler styling and marketing, which remained determinedly conservative through the 1940s and into the 1950s, with the single exception of the installation of hidden headlights on the very brief production run of 1942 DeSotos. Engineering advances continued, and in 1951 the firm introduced the first of a long and famous series of Hemi V8s.
The Forward Look
In 1955, things brightened with the introduction of
On September 28, 1957, Chrysler had announced the production of electronic fuel injection (EFI) to be available as an option on some of its new 1958 car models (Chrysler 300D, Dodge D500, DeSoto Adventurer, Plymouth Golden Commando V-8) that resulted with approximately 35 total installations.[22][23] Chrysler used the same all-transistor modulator "Electrojector" fuel injection system from Bendix Corporation that was withdrawn from public sale of the 1957 Rambler Rebel by American Motors because the system could not be made reliable.[24][25] Owners of EFI Chryslers were so dissatisfied that all but one were retrofitted with carburetors, while that one has been completely restored, with original EFI electronic problems resolved.[23]
Government programs in World War II
Vehicles and systems
External videos | |
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Chrysler / Dodge U.S. war production film | |
World War II Chrysler / Dodge stock film on Periscope Archives. Made by Chrysler / Dodge during WW II, the film shows various trucks, command cars, ambulances; the Chrysler foundry at the 4:30 mark, mass-producing Sherman tanks; the high-precision Sperry Gyrocompass (at 8 min); anti-aircraft guns, radar systems, and more. |
During World War II, essentially all of Chrysler's facilities were devoted to building military vehicles and systems. Chrysler ranked eighth among United States corporations in the value of wartime production contracts.[26] Chrysler made the converters for the Manhattan Project's K-25 gaseous diffusion plant in their Lynch Road plant in Detroit, after Dr Carl Heussner of the Chrysler plating laboratory solved the nickel plating problem.[27]
Radar antennas
One of Chrysler's most significant contributions to the war effort was not in the field of vehicles but in design and manufacture of the components of
For the final production design of this antenna and its highly complex drive mechanism, the Army's Signal Corps Laboratories turned to Chrysler's Central Engineering Office. There, the parabola was changed from aluminum to steel, allowing production forming using standard automotive presses. To keep weight down, 6,000 equally spaced holed were drilled in the face (this did not affect the radiation pattern). The drive mechanism was completely redesigned, using technology derived from Chrysler's research in automotive gears and differentials. The changes resulted in improved performance, reduced weight, and easier maintenance. A large portion of the Dodge plant was used to build 1,500 of the SCR-584 antennas as well as the vans needed for the system.[28][29]
Postwar government programs
After the war, Chrysler continued with special projects for the U.S. government. These were in the aerospace fields of missiles and space boosters.
Missiles
In April 1950, the U.S. Army established the Ordnance Guided Missile Center (OGMC) at
Working together, the Missile Division and von Braun's team greatly increased the capability of the Redstone, resulting in the
In October 1950,
Space boosters
In July 1959, NASA chose the Redstone missile as the basis for the Mercury-Redstone Launch Vehicle to be used for suborbital test flights of the Project Mercury spacecraft. Three unmanned MLRV launch attempts were made between November 1960 and March 1961, two of which were successful. The MLRV successfully launched the chimpanzee Ham and astronauts Alan Shepard and Gus Grissom on three suborbital flights in January, May and July 1961.
As America's manned space flight plans became more ambitious, Wernher von Braun's team designed the Saturn family of launch vehicles. With Chrysler's Huntsville operation then designated the Space Division, Chrysler became Marshall Space Flight Center’s prime contractor for the first (booster) stage of the Saturn I and Saturn IB vehicles. The Saturn I booster stage was designated S-I, which was upgraded to the S-IB for the Saturn IB. Chrysler based its fuel tank design on a cluster of its Redstone and Jupiter tanks, using four Redstone tanks to hold the RP-1 fuel and four to hold the liquid oxygen (LOX) oxidizer, around a central Jupiter LOX tank. Chrysler built these for the Apollo program in the Michoud Assembly Facility in East New Orleans, one of the largest manufacturing plants in the world.
Between October 1961 and July 1965, NASA launched four S-I boosters with dummy upper stages on suborbital test flights, followed by six complete Saturn Is on unmanned orbital flights. The last five of these tested
Between February 1966 and July 1975, NASA launched nine Saturn IBs on two suborbital flights and seven orbital flights (five of which were manned); all flights were successful.[33]
1960s
On April 28, 1960, Chrysler president Lester Lum Colbert was elevated to the position of chairman and William C. Newberg was promoted to president.[34] Newberg unexpectedly resigned after two months on the job.[35] On July 21, 1960, the board of directors announced that it had reached a settlement agreement with Newberg over $450,000 in profits he had made from his stake in two parts suppliers.[36] A second company executive, Jack W. Minor, was forced to resign from his position as director of marketing for the Plymouth–DeSoto–Valiant division after it was found he received $20,000 in sales commissions on Chrysler contracts from two transportation advertising companies he held ownership in.[37] On January 27, 1961, Colbert disclosed that his wife had owned 444 shares in a Chrysler supplier.[38] On July 27, 1961, Colbert announced he was resigning as chairman and president "for the good of the corporation".[39] He was succeeded as chairman by George H. Love and as president by Lynn A. Townsend.[40]
Starting in the 1960 model year, Chrysler built all their passenger cars with Unibody (unit-body or
Chrysler's new compact line, the
Partly to compensate for rust problems on the 1957 models and partly to ensure that their Unibody cars would remain safe, as rust was a larger problem when body panels were required for strength, Chrysler pioneered the use of electrostatic charges to improve anti-rust agent adhesion in their 1960 models. The company was also the first to use a seven-step rust proofing bath system, though not the first to use rust proofing baths.[41]
In April 1964, the Plymouth Barracuda, a Valiant sub-model, was introduced. The huge glass rear window and sloping roof were polarizing styling features. Barracuda was released almost two weeks before Ford's Mustang, making the Barracuda the first pony car. Even so, the Mustang outsold it 10-to-1 between April 1964 and August 1965. Perception of the Barracuda as nothing but a reskinned Valiant was not aided by sharing front-end sheet metal.[42]
Chrysler's target buyers were obviously men, and attracting female buyers was apparently not a high priority, because a 1967 sales brochure proclaimed, "At last—specifications your wife can understand."[43] (This was, perhaps, an improvement over the Dodge La Femme option of 1955.[44] It recognized that women were at least reading the specifications.)
Expansion into Europe
In the 1960s, Chrysler expanded into Europe, attaining a majority interest in the British
More successfully, at this same time the company helped create the
The 1970s
The 1970s were tumultuous for Chrysler since, like all the American car companies of the era, the company was reliant on a marketplace where cheap oil was the norm. Although Chrysler entered the small car market with the 1971 Dodge Colt, a captive import of the Mitsubishi Galant and the first collaboration between Chrysler and Mitsubishi Motors, it did not sell as well as its competitors, the Ford Pinto and Chevrolet Vega. As market conditions changed and gas prices rose, Chrysler could not adapt in time. Critics of government regulations have claimed that U.S. anti-trust laws prohibited U.S. automakers from forming Japanese or European-style industry consortiums (which helped these foreign competitors to save costs). Chrysler was also slow to adapt to a gradual tightening of anti-pollution regulations. However, given that Chrysler's European divisions already had both the talent and the knowledge to make fuel-economic, less polluting vehicles, all that Chrysler's management had to do was to import European technology that it already owned. Chrysler's American difficulties, therefore, were largely the result of poor management.
Chrysler's lower sales volumes meant that new development and implementation costs made up a larger proportion of a vehicle's cost compared to Ford and General Motors. To avoid pricing themselves out of the market, Chrysler clumsily detuned its existing engines to meet emission requirements, which resulted in lower fuel economy at a time when fuel prices were rising. There was a rush to sell the compact Dodge Dart and Plymouth Valiant, but the 1973 oil crisis sharply reduced demand for the large, fuel-thirsty vehicles Americans had previously bought in large numbers and which made up the bulk of Chrysler's product line.
At mid-decade, the company scored a conspicuous success with its first entry in the
Turbine
For many years, Chrysler developed gas turbine engines, which are capable of operating on a wide array of combustible fuels, for automotive use. Turbines were common in military vehicles, and Chrysler built many prototypes for passenger cars. In the 1960s, mass production seemed almost ready. Fifty Chrysler Turbine Cars, specialty designed Ghia-bodied coupes were built in 1962 and placed into the hands of consumers for final testing. After further development and testing to make emissions conform to 1970s-enacted EPA standards, the engines were planned as an option for the 1977 model LeBaron. However, Chrysler was forced to abandon the turbine engine as a precondition of U.S. government loan guarantees when the company experienced financial difficulties in the late 1970s.
Lee Iacocca's Impact
In 1978,
1980s
Realizing that the company would go out of business if it did not receive a significant amount of money to turn the company around, Iacocca approached the
After receiving this reprieve, Chrysler released the first of the
Aside from small cars, Iacocca re-introduced the full sized Imperial as a company's flagship. The new model had all of the newest technologies of the time – including fully electronic fuel injection (the first car in the U.S. to be so equipped) and an all-digital dashboard. Despite some marketing help from Iacocca's friend Frank Sinatra, including a special edition named after him, the revived Imperial sold poorly, selling only 12,000 cars out of the 25,000 that were originally planned for production. The Imperial was discontinued after the 1983 model year, and is regarded as the last of the ''Malaise era'' automobiles.
In February 1982 Chrysler announced the sale of Chrysler Defense, its profitable defense subsidiary to General Dynamics for US$348.5 million. The sale was completed in March 1982 for the revised figure of US$336.1 million.[47]
Chrysler also introduced the Dodge Caravan and Plymouth Voyager minivans, which was by and large Sperlich's "baby", in the fall of 1983, which led the automobile industry in sales for 25 years[48] Because of the K-cars and minivans, along with the reforms Iacocca implemented, the company turned around quickly and by 1983, was able to repay the government-backed loans[49] several years ahead of time, resulting in a profit of $350 million to the U.S. government.[50]
In 1987, it was discovered that Chrysler sold an estimated 32,750 cars that had been test-driven with disconnected odometers – some as much as 500 miles (800 km) – before being shipped to dealers. The controversy gained fire after the United States Senate got involved, as Senator Sam Nunn bought one of the Chryslers in question. Chrysler settled out of court with complainants.[51][52] Chrysler CEO Lee Iacocca sought to minimize damage to the corporation's public image by calling a news conference in which he termed the action "dumb" and "unforgivable".
In 1987, a joint venture with Mitsubishi Motors called
The other motivation was the then-new Brampton Assembly plant, which at the time was one of the most advanced vehicle assembly plants in North America, and allowed Chrysler to expand production capacity. Also AMC's Eagle Premier would form the basis for the future Chrysler LH platform sedans that were produced at Brampton. This bolstered the firm's size, but the American Motors purchase was saddled with $900 million in debt.[53] Also, Chrysler was still the weakest of the Big Three.
After AMC's buyout, Chrysler insiders speculated that AMC would take over the larger firm from within. Part of the reason was that AMC's Jeep Cherokee product line alone soon accounted for more than a third of Chrysler's profits. Several AMC leaders became stars at Chrysler, including
Chrysler surprised the industry by purchasing Italian sports car maker Lamborghini, with the $25 million acquisition heavily driven by Iacocca. Chrysler executives were appointed to Lamborghini's board, although most of the key members remained. To begin its revival, Lamborghini received a cash injection of US$50 million from its new owner, and the slow-selling Jalpa was discontinued. Lamborghini became profitable, and a more efficient franchise with full service and spare parts support was established, replacing the loosely affiliated and disorganized private dealer network.
Chrysler was interested in entering the "extra premium" sports car market, which Chrysler estimated at about 5,000 cars per year, worldwide. Chrysler aimed to produce a car to compete with the
Although profits increased past the $1 million mark in 1991, the uptick in fortunes was to be brief; in 1992, sales crashed due to the early 1990s recession, and the $239,000 Diablo proved ultimately to be inaccessible to American enthusiasts. With Lamborghini bleeding money, Chrysler decided that the automaker was no longer producing enough cars to justify its investment, and sold the company to Indonesian conglomerate SEDTCO Pty. for $40 million.
In 1988, Chrysler and Fiat, owner of Alfa Romeo, reached an agreement that named Chrysler to be the exclusive distributor for Alfa Romeo in North America and easily allow Chrysler dealers to sell Alfa products, which lasted until Alfa left the United States in 1995. The initial contact between the two firms would lead to high-level talks in 1990 between Iacocca and Fiat Chairman Giovanni Agnelli about establishing joint ventures in the United States and Europe, and the possibility of Fiat taking a large equity stake in Chrysler. However, talks dragged on and eventually broke off. Ironically, Fiat would acquire a majority stake in Chrysler following its 2009 restructuring.
Iacocca received much credit for Chrysler's turnaround from near bankruptcy, with his commercials giving him celebrity status, and some mentioned him as a potential U.S. presidential candidate in 1988. However the latter part of his tenure from 1988 onwards was less successful. The acquisitions of Gulfstream Aerospace, Electrospace Systems, and other companies was intended to protect Chrysler from the cyclical nature of the auto industry, but a lack of engineering innovation and careless spending during the years of prosperity in the 1980s shrunk the company's working capital from $14.3 billion to just $1.7 billion. An endeavor with Maserati, then-owned by Iacocca's friend Alejandro de Tomaso, resulted in the Chrysler TC by Maserati, a poorly received luxury convertible based on the Chrysler LeBaron which according to Bob Lutz, wound up costing Chrysler "close to $600 million."
In addition, Iacocca enjoyed being in the spotlight and gradually isolated himself from his "Gang of Ford" managers that he had brought over from Ford Motor Company. By 1992, the board pushed Iacocca to retire, albeit with a generous severance package.
Although Bob Lutz was the second-ranking executive in the company, he earlier opposed the merger with Fiat that Iacocca had championed. Due to their feud, Iacocca convinced the board to pass over Lutz for the chairmanship of Chrysler. However, Eaton and Lutz did develop a strong working relationship.[54]
1990s
As the 1990s dawned, Chrysler faced a renewed round of financial troubles. The US economy slipped into a recession following the 1987
In 1992, Chrysler introduced the
While Chrysler's sales never rose to the levels of those popular rivals, the LH vehicles succeeded in altering Chrysler's previously dowdy public image, recasting the automaker as an innovative design leader. In 1995, Chrysler introduced the Neon small car to replace the Dodge Shadow and Plymouth Sundance, and the midsize JA platform vehicles replaced the Dodge Spirit and Plymouth Acclaim. By 1996, the K platform and its derivatives had been phased out of production.
The continuing popularity of Jeep with the introduction of the 1992
In the early 1990s, Chrysler set up car production in Austria, and began producing right hand drive Jeep models in a 1993 return to the UK market after a 15-year hiatus.
In 1991, Chrysler began the process of moving its corporate headquarters from its 1925 founding location of
In 1995, former CEO Lee Iacocca assisted in billionaire
Chrysler was among the companies
DaimlerChrysler 1998–2007
In 1998,
Then-Daimler-Benz CEO
As a result of Zetsche's apparent success in a turnaround of Chrysler,
Some suggest that Zetsche's tenure was a mixed success, with Chrysler still relying heavily on gas-guzzling SUVs and trucks, most of its product lineup was unsuccessful, despite using Mercedes-derived technologies. Despite radical restructuring and improved models, analysts said that it was difficult to expect a solid recovery at Chrysler, due to the negative dynamics of the U.S. auto market and Chrysler's legacy labor and health care costs. In 2006, Zetsche had starred in the "Dr. Z" ad campaign which cast him as an all-knowing, German-accented wizard of the auto industry, in TV spots and a website. The strategy was to communicate that Chrysler was backed up by the same Teutonic know-how and discipline that has long made Mercedes-Benz one of the world's most prestigious brands. However, the campaign was moth-balled in 2007. Eight years since the merger, most customers did not know that Chrysler was owned by the same company that also produces Mercedes-Benz luxury cars. Some surveyed thought Zetsche was so smooth on screen—even to the point of head-butting a soccer ball perfectly in one take—that he was an actor and not the actual CEO.[60][63]
Chrysler sale to Cerberus 2007–2009
According to the April 2007 issue of Der Spiegel, CEO Dieter Zetsche expressed a desire to dismantle Chrysler and sell off the majority stake and at the same time keep Chrysler "dependent" upon Mercedes-Benz after the sale. On April 4, 2007, Zetsche said that the company was negotiating the sale of Chrysler, which was rumored for weeks before the announcement. The following day investor Kirk Kerkorian placed a 4.5 billion dollar bid for Chrysler. On April 12, Magna International of Canada announced it was searching for partners to place a bid for Chrysler. Magna's offer was later outbid.
DaimlerChrysler AG announced on May 14, 2007 that it would sell 80.1% of its stake in the Chrysler Group to Cerberus Capital Management for US$7.4 billion.[64] Chrysler Group (DaimlerChrysler Corporation) would officially become Chrysler Holding LLC (changed to Chrysler LLC upon completion of the sale), with two subsidiaries – Chrysler Motors LLC (new name of DaimlerChrysler Motors Company), which produces Chrysler/Dodge/Jeep vehicles, and Chrysler Financial Services LLC (new name of DaimlerChrysler Financial Services Americas LLC), which took over the operations of Chrysler Financial. DaimlerChrysler AG changed its name to Daimler AG.[65]
Chrysler LLC unveiled a new company logo, a variation of the previously used Pentastar logo, and launched its new website on August 6, 2007.
The new company experienced its first labor dispute on October 10, 2007. A strike deadline of 11 am had been set by the
Chrysler collaborated with Tata Motors Limited of India: Tata's all-electric Ace mini truck will be sold through Chrysler's GEM, Global Electric Motorcars division. Chrysler announced in February 2008 that it would be reducing its product line from 30 models to 15 models.[71] Chrysler was reported in August 2008 to be in talks with Fiat.[72]
2008 financial crisis
In October 2008, Cerberus and
On October 23, 2008, Daimler announced that its stake in Chrysler had a book value of zero dollars after write offs and charges.[76]
On November 5, 2008 it was published that Chrysler sales in the US market have fallen 34.9 percent in only 12 months.
At the beginning of December 2008, amid the
Chrysler's 2008 performance was hard hit among the Big Three U.S. automakers,[81] with 398,119 automobiles and 1,055,003 trucks sold during the year.
On March 13, 2009, LaSorda told the House of Commons of Canada finance committee that the initial GM-CAW deal was insufficient and that Chrysler would demand an hourly wage cut of $20, breaking the Canadian Autoworkers's negotiating pattern set by GM. He suggested that Chrysler may withdraw from Canada if it fails to achieve more substantial cost savings from the CAW. Fiat CEO Sergio Marchionne - Canadian-raised - had also threatened to walk away from a possible (and eventual) merger if the CAW did not make sufficient concessions to match the wages of the "transplants" (foreign automaker's US and Canadian plants), which the union eventually agreed to by cutting benefits. Meanwhile Chrysler LLC has since filed for bankruptcy, though Fiat would continue to implement the strategic alliance.[82][83][84]
On March 7, 2009, Chrysler Vice-Chairman Jim Press stated that current sales volume is sufficient to keep the company going as sales should rise in the coming months. The Chrysler executive also noted the automaker's February retail sales were better than Ford's as Chrysler continued to curtail lower-margin fleet sales. He also said the volumes being forecast for 2009 were within the estimates Chrysler envisioned in preparing its viability plan for the federal government.[85]
On March 30, 2009, the White House announced it would provide an additional $6 billion in further support to Chrysler contingent on the company finalizing an alliance with Fiat before the end of April.[86] Talks and hearings at U.S.Treasury in Washington, D.C. went on throughout the following month.
US Government backing of warranties
On March 30, 2009 President Barack Obama issued a US Government guarantee of Chrysler's warranty liabilities, and publicly stated the U.S. Government will back the warranties on Chrysler vehicles if the company were to go out of business.[87]
Chapter 11 reorganization
On January 20, 2009, Fiat S.p.A. and Chrysler LLC announced that they have a non-binding term sheet to form a global alliance. Under the terms of the potential agreement, Fiat could take a 35% stake in Chrysler and gain access to its North American dealer network in exchange for providing Chrysler with the platform to build smaller, more fuel-efficient vehicles in the US and reciprocal access to Fiat's global distribution network.[88]
By mid-April, as talks intensified between the two automakers to reach an agreement by a government-imposed deadline of April 30, Fiat's initial stake was reported to be 20% with some influence on the structure of top management of the company.[89] However, Fiat has warned that the merger would not take place if Chrysler fails to reach an agreement with the UAW and the Canadian Auto Workers' Union. On April 26, 2009, it appeared as if Chrysler had reached a deal with the unions which would meet federal requirements, though details were not made available. Chrysler said the union agreement "provides the framework needed to ensure manufacturing competitiveness and helps to meet the guidelines set forth by the U.S. Treasury Department."[90] Chrysler filed for chapter 11 bankruptcy protection at the Federal Bankruptcy Court of the Southern District of New York, in Manhattan, on April 30, 2009, and announced an alliance with Fiat.[91][92]
Both the White House and Chrysler expressed hope for a "surgical" bankruptcy lasting 30 to 60 days, with the result of reducing the company's liabilities and post-bankruptcy emergence in stronger financial shape. The submitted court documents indicated that there would be a reorganization plan presented to the court in 120 days, on August 28, 2009. A White House official indicated that the government would provide debtor-in-possession financing for between $US 3 billion to $US 3.5 billion, and upon a completion of Chrysler bankruptcy restructuring and court proceedings, the company would be eligible to receive up to $US 4.5 billion in financing to resume operations, for total of $US 8 billion of government support. Prior to the bankruptcy filing, Chrysler had received $US 4.5 billion in financing from the U.S. government, under a George W. Bush administration plan, in December 2008, after Congress declined to approve legislation to provide federal loans. Chrysler announced on the day of the bankruptcy filing, that during the restructuring, it would cease most manufacturing operations on May 4, 2009, and resume production "when the transaction is completed, which is anticipated within 30 to 60 days."[92][93]
On May 1, 2009, Chrysler LLC filed for bankruptcy, and LaSorda stepped down as President and Vice-Chairman and retired, despite Fiat urging him to stay on.[69]
On May 14, 2009 Chrysler filed with the bankruptcy court to terminate the dealership agreements of 789, or about 25% of its dealerships.[94]
On June 1, 2009 a US bankruptcy court approved a plan which spells out that the new Chrysler company called "Chrysler Group LLC".
On June 8, 2009, Supreme Court Associate Justice Ruth Bader Ginsburg, who is assigned to emergency motions arising from the United States Appeals Court for the Second Circuit, in a one-sentence order, stayed the orders of the bankruptcy judge allowing the sale, pending further order by Justice Ginsburg or the Supreme Court.[98]
On June 9, 2009, the Supreme Court published its denial of the applications for a stay of the sale from the three Indiana funds, allowing the sale of assets to "New Chrysler" to proceed.[99][100] According to the two page decision and order, the Indiana funds "have not carried the burden" of demonstrating that the Supreme Court needed to intervene.[99] The U.S. Department of the Treasury issued a statement saying: "We are gratified that not a single court that reviewed this matter, including the U.S. Supreme, found any fault whatsoever with the handling of this matter by either Chrysler or the U.S. government."[99] The proposed sale of assets is scheduled to close on Wednesday, June 10, 2009, when the money to finance the deal is wired by the government. Fiat will receive equity in the New Chrysler through its contribution of automobile platforms as a base for a new line of Chrysler cars.[99]
On June 10, 2009, 41 days after filing for bankruptcy protection, the sale of most of Chrysler assets to "New Chrysler", formally known as Chrysler Group LLC, was completed. The federal government financed the deal with US$6.6 billion in financing, paid to the "Old Chrysler", formally called Old Carco LLC.[101] The transfer does not include eight manufacturing locations, nor many parcels of real estate, nor equipment leases. Contracts with 789 U.S. auto dealerships, who are being dropped, were not transferred.[102]
Fiat initially owned a minority 20% stake of Chrysler Group LLC with the option of taking additional equity up to a 35% stake if certain operational and capitalization goals were achieved. The United Auto Workers’ union retiree health care trust fund (Volunteer Employee Benefit Association) was the majority owner, with 55 percent when Fiat reached its target holding of 35%. The U.S. and Canadian governments initially held minority stakes of 8% and 2%, respectively, of the new Chrysler.[102]
On May 24, 2011, Fiat paid back $7.6 billion in U.S. and Canadian government loans.[103] On July 21, Fiat bought the Chrysler shares held by the United States Treasury. With the purchase, Chrysler once again became foreign owned; this time Italian car maker Fiat gained majority ownership and control of Chrysler.[104] The United States government's involvement in the Chrysler bankruptcy cost the U.S. taxpayer $1.3 billion.[104]
Chrysler Group
In early 2009, Chrysler Group, based in
On 16 December 2014, Chrysler Group LLC announced a name change to FCA US LLC.[110]
Timeline of Chrysler
- Maxwell Motor Company (1904–1925)
- Chrysler Corporation (1925–1998)
- DaimlerChrysler AG(1998–2007)
- Chrysler LLC (2007–2009)
- Chrysler Group LLC (2009–2014)
- FCA US LLC (2014–2021)
- Stellantis North America (2021–present)
Logos
Golden seal logo
With its inception in 1925, Chrysler's logo was a round medallion with a ribbon bearing the name 'CHRYSLER' in uppercase block letters. It The logo resembled a seal that was used at government fairs as an award. The original symbol fell out of use in 1954 and was forgotten for several decades until the company decided to return to its origins. The logo was designed by one of Chrysler engineers, Oliver Clark, by request of company's founder Walter Chrysler.[111]
The seal was dropped in 1955 and would return in 1998, being placed at the center of a winged emblem.[111]
Forward Look
Pentastar
As the Forward Look styling cycle was ending, Chrysler President Lynn Townsend sought a new logo usable by all of Chrysler's worldwide divisions and subsidiaries, automotive and non-automotive, on packaging, stationery, signage and advertising. He wanted something that would be immediately identifiable as Chrysler's mark to anyone who saw it, in any culture.
In September 1962, the company adopted a logo named "Pentastar", made of five triangles arranged so their bases formed the sides of a pentagon. The gaps in between the triangles formed a star in the middle of the pentagon. The Pentastar was simple and easily recognizable, even on revolving signs, and was not tied to any particular automotive styling feature as had been the previous Forward Look logo. Because the symbol contained no text, it facilitated Chrysler's expansion in international markets. The Pentastar was extensively used on dealer signage, advertisements, and promotional brochures, as well as on Chrysler products themselves.[112]
Chrysler-Plymouth literature, advertisements, and dealership signage used a blue Pentastar or a white one on a blue background, while Dodge used a red Pentastar or a white one on a red background. Divisional logos such as Dodge's
The Pentastar logo was placed on the lower passenger-side
The Pentastar's final badging appearance was on rare versions of the 1996
The Pentastar continued to represent Chrysler until the merger with Daimler in 1998, when it was retired. Among the few remaining traces of this motif was a large, star-shaped window at DaimlerChrysler's American headquarters in Auburn Hills, Michigan, and Pentastar Aviation, a former DaimlerChrysler subsidiary which reverted to its original name after being purchased by a member of the Ford family. Many dealerships still have signage and other traces still visually apparent to the Pentastar, where a five-Pentastar logo remains in use as the logo of the "Five Star Dealer" service rank.[113]
Despite having been officially retired under Daimler, the Pentastar continued to be used as the identifying trademark or logo on Chrysler Group parts, as seen on window glass, on individual components, molded plastic assemblies, and larger parts such as (reportedly) engine blocks.[citation needed]
The Pentastar was officially reintroduced in 2007;[114] however, was replaced with the stylized letters "FCA" for Fiat Chrysler Automobiles in 2014.[115] Even though Chrysler became a part of Stellantis in 2021, which was formed by the merger of FCA and the French automaker PSA Group, the Pentastar logo is still maintained at the headquarters' building.
The Pentastar is also used as the badge of the United States Army's V Corps.
Return of divisional logos
Divisional logos began to supplant the company-wide Pentastar application in the early 1990s. The Dodge division phased in a ram's-head logo beginning with the 1993 Intrepid and Spirit. The Chrysler brand began using a medallion based on its original logo starting with the 1995 Cirrus, Concorde, and Sebring. This logo was applied to all Chryslers by 1996. That same year, Plymouth adopted a new sailboat logo, which was a simplified version of the brand's pre-Pentastar Mayflower ship logo.
Winged logo
The design shown here is an adaptation of the original medallion logo which Chrysler used on its cars at its inception in 1925. The logo was revived for the Chrysler division in 1998, and is often surrounded by a pair of silver wings. When sold to Cerberus, Chrysler readopted the Pentastar (see above) as their corporate logo, although the winged logo is still used on the cars themselves.[111]
Revival of Pentastar
On May 17, 2007, an internal email stated that Chrysler was going to revive the Pentastar logo, in updated form, after their split from Daimler.[116] The new three-dimensional Pentastar was formally introduced when Chrysler LLC began doing business as a private company in August 2007. Chrysler cars retained a modified version of the winged logo.
2014–present
With the formation of Fiat Chrysler Automobiles in 2014, the stylized letters "FCA" replaced the Pentastar as the official logo. The move angered several Chrysler fans who spawned a Facebook page and a petition drive to save it.[115]
When FCA and the PSA Group merged in 2021 to form Stellantis, Chrysler LLC Group (named "Stellantis North America", officially "FCA US"),[117][118] adopted the Stellantis brand used worldwide.
See also
References
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FCA US LLC is a North American automaker based in Auburn Hills, Michigan. ... FCA US LLC is a subsidiary of Stellantis N.V.
Further reading
- LCCN 38009829.
- Curcio, Vincent (2000). Chrysler: The Life and Times of an Automotive Genius. Oxford University Press. ISBN 978-0-19-507896-1.
- Hyde, Charles K. (2003). Riding the Roller Coaster: History of the Chrysler Corporation. Wayne State University Press. ISBN 0-8143-3091-6.
- Poremba, David Lee (2003). Detroit: A Motor City History. Arcadia Publishing. ISBN 0-7385-2435-2.
- Vlasic, Bill; Stertz, Bradley A. (2000). Taken for a Ride: How Daimler-Benz Drove off with Chrysler. William Morrow. ISBN 0-688-17305-5.