Chrysler

Walter Chrysler originally founded his namesake Michigan auto company in 1925 from remnants of the Maxwell Motor, Co. In 2009, Chrysler filed Chapter 11 bankruptcy after being hit hard by the economic recession of 2008. Fiat then bought the company, completing the whole transaction in 2014.

Today, the Chrysler Corp. is now known as Fiat Chrysler (or FCA USA LLC). Fiat Chrysler Automobiles N.V. in London holds Fiat Chrysler U.S. as its subsidiary.

Chrysler at one point was considered one of the “Big 3” auto companies in the United States along with Ford and General Motors. Dodge, Jeep, Chrysler, Ram and Fiat all fall under the Chrysler (or now Fiat Chrysler) umbrella. Though it was once a powerhouse, Chrysler has faced and continues to face economic issues.

One of the most significant of the economic ups and downs that Chrysler has faced throughout its history happened around 1978 when it nearly went out of business.

The company was saved when a new CEO named Lee Iacocca came over from Ford. He revamped the company by approaching the U.S. Congress and asking for $1.5 billion in loans. Amazingly, Congress and President Jimmy Carter reluctantly passed the “Chrysler Corporation Loan Guarantee Act of 1979.” In a further effort to stimulate growth and revival of the brand, the military purchased several Dodge pickup trucks to serve as cargo vehicles.

Chrysler did have its glory years. In 1936, the car make was second in U.S. sales and this trend continued, more or less, until 1949. The company is also known for some of its key inventions including the first mass-produced four-wheel hydraulic brakes with the help of Lockheed, and the road wheel with a ridged rim to keep tires on the wheel. That design is now utilized by the auto industry all over the world.

Along with the previously mentioned trucks, Chrysler had even more involvement in wartime activities. They helped in areas that spanned from antennas to missiles. Some of its contributions to missiles played an integral part in the Manhattan project and also in President Truman’s effort to make sense of the U.S. missile program.

Noteworthy vehicles under the Chrysler umbrella past and present include Plymouth, DeSoto, Imperial and Valiant, and the long-standing Ram, Dakota and Sprinter van. Many of these, including the Imperial and Valiant, went on to become makes of their own.

Chrysler is also known for its production of parts and systems including the early air-temp system for air conditioning and Acustar for parts production. Safeguard auto glass is also manufactured by Chrysler.