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Fiat Chrysler automobile America Co., Ltd. (commonly known as Chrysler) is the U.S. subsidiary of Fiat Chrysler automobile company. Fiat Chrysler automobile company is registered in Italy, with its headquarters in London, England. It is an Italian American automobile manufacturer for tax purposes. FCA is one of the "three largest" automobile manufacturers in the United States. Headquartered in Auburn Hills, Michigan, FCA us sells cars worldwide under its flagship Chrysler brand and dodge, Jeep and ram trucks. Other major divisions include Mopar, the automotive parts and accessories division, and SRT, the high performance automotive division.
In 1925, Walter Chrysler founded Chrysler from the remains of Maxwell motor company. In 1928, he expanded the company by acquiring Fargo trucks and Dodge Brothers and creating the Plymouth and DeSoto brands. Chrysler used the GM brand diversity and hierarchy strategy he had worked for Buick.
In the face of the increasing market share, productivity and profitability of General Motors and Ford Motor Company after the war, Chrysler borrowed $250 million from Prudential in 1954 to pay for the expansion and renewal of automobile design costs.
In the 1960s, the company moved into Europe by controlling French, British and Spanish car companies. Chrysler Europe sold to Peugeot Citroen in 1978 for $1.
Chrysler has struggled to adapt to changing markets, increased U.S. import competition, and safety and environmental regulations in the 1970s. The company started an engineering partnership with Mitsubishi Motors and began selling Mitsubishi Motors (Dodge and Plymouth) in North America. By the late 1970s, Chrysler was on the verge of bankruptcy. It received a $1 billion 500 million loan guarantee from the U.S. government. Lee Iacocca, the new chief executive, was hailed for restoring profitability in the 1980s. In 1985, diamond star automobile company was founded, further expanding the relationship between Chrysler and Mitsubishi.
In 1987, Chrysler acquired American Automobile Corporation (AMC), which brought the profitable Jeep brand into Chrysler.
In 1998, Chrysler merged with German carmaker Daimler Benz AG to form Daimler Chrysler. The merger proved controversial for investors. As a result, Chrysler was sold to Cerberus capital management and renamed Chrysler LLC in 2007.
Like the other three automakers, Chrysler was hit hard by the 2008-2010 auto industry crisis. Through negotiations with creditors, the company applied for Chapter 11 bankruptcy reorganization on April 30, 2009 and participated in the U.S. government's rescue plan through the "Troubled Asset Relief Program", enabling the company to continue to operate. On June 10, 2009, Chrysler withdrew from bankruptcy proceedings with the United Auto Workers Pension Fund, Fiat S.p.A., and the governments of the United States and Canada as the main owners. The bankruptcy resulted in Chrysler defaulting more than $4 billion in debt. By May 24, 2011, Chrysler had paid off its debt to the U.S. government five years ahead of schedule, even though the cost to U.S. taxpayers was $1.3 billion. Over the next few years, Fiat gradually acquired stakes in other parties, while eliminating most of the burden of lending (at a 21 per cent interest rate) in the short term. On January 1, 2014, Fiat S.p.A. announced the purchase of the remaining Chrysler shares from the UAW retiree health trust. The deal was completed on January 21, 2014, making Chrysler a subsidiary of Fiat. In May 2014, Fiat Chrysler automobile company established Fiat Chrysler Automobile Company of Nevada by merging Fiat. The project was completed in August 2014. Chrysler Group LLC was a subsidiary until December 15, 2014, when it was renamed FCA US LLC to reflect the Fiat Chrysler merger.
