One of the Detroit Big 3, Chrysler has had a bumpy ride along its more than nine decades of existence. Currently, the Chrysler brand is part of an alliance with the Italian producer Fiat.
Walter Chrysler founded the company that still bears his name back in 1925. It grew in fast during the postwar years and in the 1960s expanded to Europe. Its European branch was created after the acquisition of French Simca, British Rootes, and Spanish Barreiros companies. Chrysler Europe had operated between 1967 and 1979 before it was sold to PSA Peugeot Citroën for $1.
The European adventure almost bankrupted Chrysler, but it was saved by $1.5 billion in loan guarantees from the US government. The new CEO, legendary Lee Iacocca is credited with returning the company to profitability during the 1980s, a time when cooperation with Mitsubishi was expanded. An excellent move was the acquisition of AMC in 1987, which brought Jeep in the Chrysler portfolio.
In 1998, the American producer merged with Daimler; a deal thought to be the beginning of a new age. It was not to last and was terminated in 2007.
The economic crisis almost brought the company to its knees, as it was forced to file for Chapter 11 bankruptcy reorganization on April 30, 2009. The government stepped in again and offered a bailout program. In June 2009, Chrysler emerged from the bankruptcy proceedings with the United Auto Workers pension fund, Fiat S.p.A. Gradually Fiat increased its participation so in January 2014 the American car producer became its subsidiary