History of Chrysler: from Plymouth to Dodge and Jeep
Plymouth, Dodge and MoPar
1928 saw Chrysler introduce new brands. Plymouth is one example, and it fit in to the low-priced segment. Chrysler also bought the existing Dodge car and truck company and launched a truck line. Soon after, the company created a parts and service division called MoPar. These moves helped make the company a mainstay on the American auto scene by the 1930s.
World War II
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During World War II, the American Big Three automakers were instrumental in helping the U.S. military, and Chrysler took on a number of defense contracts during that time.
Progress Through the 1950s-60s
Following that was a period of progress at Chrysler in the ‘50s and ‘60s. Along with their 300 coupes, Chrysler produced a number of other high-performance cars, including the Imperial LeBaron and the Dodge Charger.
Imperial and Valiant
Chrysler continued to splinter the brand and in 1955 they introduced the Imperial marque to cater to the luxury division. Five years later, Valiant was made a separate label to accommodate lower-priced cars, and it remained distinct until 1976. One famous Valiant model was the Plymouth Barracuda pony car that was first released in 1964.
Lee Iacocca
Chrysler's Street and Racing Technology Brand at the SEMA Auto Show
In 1973, the oil crisis hit and greatly affected American automakers. By the late ‘70s, Chrysler still did not feature competitive compact or fuel efficient cars in the lineup, and was hemorrhaging money due to a number of recalls. The company was close to failure when it was decided that recently fired Ford President Lee Iacocca would join as CEO.
Iacocca's Turnaround
By 1979, Iacocca realized the company would fail if it did not receive a large influx of funds. After reducing his own salary to $1, he approached the United States Congress to ask for a $1.5 billion bailout. It was signed into law on January 7th, 1980, and Chrysler gradually recovered. The company repaid the loan with interest by 1983, but not before it introduced such enduring models as the K-car line, Dodge Aries, Plymouth Reliant and the Dodge Ram in 1981.
The Minivan Iacocca’s next triumph came in 1983 when he helped create the modern minivan by introducing the Plymouth Voyager and the Dodge Caravan. He had also become the face of the company after appearing in a number of ads where he promoted Chrysler’s American-made cars.
Jeep, Lamborghini and Diamond Star
In 1987, Chrysler took over the Jeep brand when they bought the American Motors Corporation. The company also acquired Italian automaker Lamborghini that year, although it was sold in 1994. It was around this time that Chrysler partnered with Mitsubishi to create Diamond Star Motors. While the Japanese automaker bought out Chrysler’s stake in ‘91, Diamond Star did help Chrysler move into the subcompact market. With Iacocca’s turnaround of the company complete, he retired in 1992.
Changes in Ownership
Chrysler's Mopar Brand at the SEMA Auto Show
In ‘98, Chrysler merged with Daimler-Benz to form Daimler-Chrysler. The company struggled for a few years, and was even forced to shut down the Plymouth brand. By 2001, things were improving on the strength of models like the Dodge Magnum. However, that turnaround was short-lived and by 2007 Chrysler was sold to private equity firm Cerberus Capital Management.
Recent Struggles
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Things continued to spiral downward. By the end of 2008, the U.S. government was forced again to loan funds to Chrysler to keep the company afloat. Chrysler filed for Chapter 11 bankruptcy protection in April the next year. Shortly after, Italian automaker Fiat took over a significant stake in the company. A sales increase followed, and Chrysler’s lineup went through a complete overhaul leading up to 2012. With this initiative in mind, Chrysler lived up to its reputation as a pillar of the automotive industry.
