Chrysler Group LLC is a multinational automaker headquartered in Auburn Hills, Michigan, USA. Chrysler was first organized as the Chrysler Corporation in 1925.
On June 10, 2009, Chrysler LLC emerged from a Chapter 11 bankruptcy reorganization and substantially all of its operations were sold to a new company, Chrysler Group LLC, organized in alliance with the Italian automaker Fiat. Initially holding a 20% interest in Chrysler Group, Fiat's stake was increased to 53.5% (fully diluted) following acquisition of the equity interests held by the U.S. Treasury (6% on 3 June 2011) and Canada (1.5% on 21 July 2011)
The company was founded by Walter Chrysler (1875–1940) on June 6, 1925, when the Maxwell Motor Company (est. 1904) was re-organized into the Chrysler Corporation.
Chrysler's world headquarters in Auburn Hills, MI
Walter Chrysler arrived at the ailing Maxwell-Chalmers company in the early 1920s. He was hired to overhaul the company's troubled operations (after a similar rescue job at the Willys car company). In late 1923 production of the Chalmers automobile was ended.
In January 1924, Walter Chrysler launched the well-received Chrysler automobile. The Chrysler was a 6-cylinder automobile, designed to provide customers with an advanced, well-engineered car, but at a more affordable price than they might expect. (Elements of this car are traceable to a prototype which had been under development at Willys during Chrysler's tenure). The original 1924 Chrysler included a carburetor air filter, high compression engine, full pressure lubrication, and an oil filter, features absent from most autos at the time. Among the innovations in its early years were the first practical mass-produced four-wheel hydraulic brakes, a system nearly completely engineered by Chrysler with patents assigned to Lockheed, and rubber engine mounts to reduce vibration. Chrysler also developed a wheel with a ridged rim, designed to keep a deflated tire from flying off the wheel. This wheel was eventually adopted by the auto industry worldwide.
Following the introduction of the Chrysler, the Maxwell was dropped after its 1925 model year run, although in truth the new line of lower-priced 4-cylinder Chryslers which were then introduced for the 1926 model year were basically Maxwells which had been re-engineered and rebranded. It was during this time period of the early 1920s that Walter Chrysler assumed the presidency of Maxwell, with the company then ultimately incorporated under the Chrysler name.
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