The Chrysler LLC Corporation was founded as a vehicle manufacturing company in 1925 by Walter P. Chrysler. Between the years of 1998-2007 they were part of the DaimlerChrysler group when the two merged. Daimler was formerly of Daimler-Benz AG and is now known simply as Daimler AG. In August of 2007, the Chrysler side of the merger was sold to an American firm, Cerberus Capital Management, L.P. The new owners have just over 80 percent of the DaimlerChrysler company while Daimler has just under the remaining 19 percent. The company is now known as the Chrysler Group. The company's headquarters, like many other vehicle manufacturing companies, is located in Auburn Hills, Michigan.
The first model manufactured by the new Chrysler Group in 1925 was simply known as the Chrysler. The original Chrysler model was light years ahead of its competition when it was first driven off of the assembly line. It had an oil filter, an air filter, a high compression engine, full pressure lubrication and rubber engine mounts. All of these features were rarely if ever found on vehicles being manufactured at the same time as the Chrysler.
Some of the early models released by Chrysler after their very first model were the Plymouth, the Fargo truck line, the DeSoto and the Imperial. Other popular models manufactured by Chrysler are the Barracuda, which was released only weeks before the first Ford Mustang, and the compact car called the Valiant.
1971 was a big year for Chrysler. The company decided to purchase a stake in Japan's company called Mitsubishi Motors. They bought into the company with a 15 percent stake. The only thing that Chrysler did with their 15 percent stake in the company was change the badge on the cars. They would take off the Mitsubishi logo and place a Chrysler logo on the vehicle and sell it in the United States
