Maxwell Motor Company was reorganized into Chrysler Corporation by Walter Chrysler on June 6, 1925. In January 1924 the well-received Chrysler model was launched by Walter Chrysler. It was a six-cylinder automobile providing customers with an advanced, intelligently-engineered car at an affordable price. This original model of Chrysler included a carburetor air filter, high compression engine, full pressure lubrication, and an oil filter which were absent in contemporary automobiles.
The four-wheel hydraulic brakes were innovated and completely engineered by Chrysler with patents assigned to Lockheed. It also implemented rubber engine mounts to reduce vibration, a road wheel with a ridged rim to keep a deflated tire from flying off the wheel. This safety wheel was later implemented by auto manufacturing companies worldwide. After its 1925 model year run, the Maxwell name was dropped from the company. Later in 1926, the low-priced 4-cylinder Chryslers that were introduced were basically Maxwell's that had been re-engineered and rebranded. During this time Walter Chrysler assumed the presidency of Maxwell and the company was incorporated under the name of Chrysler. The Chrysler Corporation traded under the symbol C in the New York Stock Exchange.
The German based automobile company Daimler-Benz AG purchased Chrysler and its subsidiaries in 1998, forming the combined entity Daimler-Chrysler AG. Under this collaboration the company was named DaimlerChrysler Motors Company LLC but the U.S operations of the company were generally referred to as the Chrysler Group. On May 14, 2007 80.1% of Chrysler Group was sold to the American private equity firm Cerberus Capital Management and became to be known as Chrysler LLC. Daimler continued to hold 19.9% stake till August 27, 2009. On that date Daimler AG signed an agreement with Cerberus Capital Management to give up the remaining stakes and pay $600 million to automaker's pension fund.
On April 30, 2009, Chrysler LLC announced the plan for a partnership with Italian automaker Fiat. It was stated that Fiat will initially hold 20% stake in the Chrysler Group LLC, having an option to increase to 35%. Following Fiat's acquisition of stake and Chrysler's restructuring plans, Fiat stated its plan for Chrysler and Lancia to develop products together. Fiat wanted them to share some of their manufactured vehicles. In October 2009, Oliver Francois, the CEO of Lancia, took over as the CEO of the Chrysler division. The main marketing plan of Fiat was depending on the demand and market condition some Chrysler cars will be sold as Lancia's and vice versa. Fiat's aim was to establish Chrysler brand as an upscale brand. Lancia Delta is the first Lancia car to be sold under the brand name of Chrysler at 2010 Detroit Auto Show.
Chrysler officially holds the rank of the world's thirteenth largest vehicle manufacturer according to OICA in 2008. The total vehicle production of Chrysler was about 1.89 million, more than two-thirds of them being light commercial vehicles. It ranks ahead of BMW and behind Daimler AG. By 2012 Chrysler will get an entire new line-up after refreshing, redesigning and reengineering every car and truck, swapping out engines and creating vehicles suited to people's need.
