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Chrysler's Bumpy Ride

The long and winding road from one of the biggest bailouts in U.S. history to the largest takeover of an auto company by a private equity firm has had plenty of twists and turns.

cerberus
Inside the secretive world of Cerberus Capital­­­—and why its plan to save Chrysler spooks Wall Street. Read More
Felix Salmon
The man picked to run Chrysler is not your average C.E.O. Read More

April 1980: After huge layoffs and losses in the millions, Chrysler barely averts bankruptcy by receiving $1.5 billion in government-backed aid.

August 1983: Chairman Lee Iacocca signs over a ceremonial check for $813,487,500 to pay off its last federally guaranteed loans.

November 1983: Chrysler introduces the Plymouth Voyager and Dodge Caravan, simultaneously inventing the minivan and the soccer mom.

August 1987: Chrysler buys American -Motors for $1.5 billion, -bringing another suburban staple, Jeep, onto the lot.

December 1990: Kirk Kerkorian gobbles up nearly 10 percent of Chrysler for about $270 million.

December 1992: Iacocca is forced out of Chrysler at age 68. Robert Eaton takes over.

April 1995: Kerkorian, with Iacocca at his side, attempts to take over Chrysler with a bid of $22.8 billion. They are unsuccessful.

November 17, 1998: DaimlerChrysler begins trading, six months after Daimler-Benz announced its $36 billion purchase of Chrysler. The companies claimed that it was a “merger of equals.”

November 2000: DaimlerChrysler sends Dieter Zetsche, formerly head of its commercial-vehicle division, to Detroit to oversee Chrysler.

April 2001: DaimlerChrysler posts its lowest quarterly operating numbers, showing a loss of $545.6 million.

August 2005: “Dodge trucks last as long as the d-o-double jizzle,” says Snoop Dogg in a TV spot with Lee “Mochacocca.”

January 2006: Zetsche ascends to the top spot at DaimlerChrysler.

May 2007:
Cerberus Capital agrees to buy Chrysler for $7.4 billion.


 



 

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