|
|
| (One intermediate revision by the same user not shown) |
| Line 1: |
Line 1: |
| {{List of {{PAGENAME}} Models}}
| | #REDIRECT [[Daimler AG]] |
| '''DaimlerChrysler AG''' headquartered in Stuttgart, Baden-Württemberg (Germany) and [uburn Hills, Michigan (USA), is a prominent [[automobile]] and [[truck]] manufacturer and financial services provider (through DaimlerChrysler Financial Services). The company also owns a major stake in aerospace group [[EADS]].
| |
| | |
| DaimlerChrysler was formed in 1998 by the merger of Daimler-Benz (Germany) and the Chrysler Corporation (USA). The transaction was announced on May 7, and took place on November 12. It was alleged in 2003 that it was not a merger but in fact a buyout.
| |
| | |
| The company produces cars and trucks under the brands [[Chrysler]], [[Dodge]], [[Jeep]], [[Mercedes-Benz]], [[smart|smart]], and [[Maybach]], among others. The Chrysler Group (Chrysler, Jeep and Dodge) also provides its customers with parts and accessories marketed under the Mopar brand name.
| |
| | |
| == Chrysler operations ==
| |
| | |
| Chrysler has suffered a series of setbacks in recent years, culminating in DaimlerChrysler's agreement to sell the unit to Cerberus Capital Management in May 2007 for US$7.4 billion. Through most of its history, Chrysler has been the third largest of the "Big 3" US auto makers, but in Jan 2007, DaimlerChrysler, excluding its luxury Mercedes and Maybach lines, also outsold traditionally second place Ford, though behind Toyota.
| |
| | |
| Chrysler reported losses of US$1.5 billion in 2006. It then announced plans to lay off 13,000 employees in mid-February 2007, close a major assembly plant and reduce production at other plants in order to restore profitability by 2008.<ref> [http://www.caranddriver.com/dailyautoinsider/12499/chrysler-announces-major-downsizing.html, Chrysler Announces Major Downsizing - Daily Auto Insider], ''CarAndDriver.com'', 15 February 2007, loaded 15 March 2007</ref>
| |
| | |
| DaimlerChrysler was reportedly in negotiations with other carmakers and investment groups since early 2007 to sell Chrysler. [[General Motors]] was reported to be a suitor while [[Volkswagen]], the [[Renault]]-[[Nissan]] auto alliance and [[Hyundai Motor Company]] had said that they weren't interested in buying the company.
| |
| | |
| Under terms of the sale, Cerberus Capital Management will take an 80.1 percent stake in the new company, to be known as Chrysler Holding. DaimlerChrysler will change its name to Daimler AG and retain the remaining 19.9% stake in Chrysler.
| |
| | |
| The terms will see Daimler pay Cerberus US$650 million to take Chrysler and associated liabilities off its hands. This is a remarkable reverse in fortunes on the US$36 billion paid to acquire Chrysler in 1998. Of the US$7.4 billion, purchase price, Cerberus Capital Management will invest US$5 billion in Chrysler Holdings and US$1.05 billion in Chrysler’s financial unit. The de-merged Daimler AG will receive US$1.35 billion directly from Cerberus but will invest US$2 billion in Chrysler itself.
| |
| | |
| The merger was contentious with investors launching lawsuits over whether the transaction was the 'merger of equals' that senior management claimed or actually amounted to a Daimler takeover of Chrysler. A class action investor lawsuit was settled in August 2003 for US$300 million while a suit by billionaire investor activist [[Kirk Kerkorian]] was dismissed on April 7, 2005, by U.S. District Court Judge Joseph Farnan Jr. at bench trial in Wilmington, Delaware. The transaction claimed the job of its architect, Chairman [[Jürgen E. Schrempp]], who resigned at the end of 2005 in response to the fall of the company's share price following the transaction. The merger was also the subject of a book (''Taken for a Ride: How Daimler-Benz Drove Off With Chrysler'', (2000) by Bill Vlasic and Bradley A. Stertz).
| |
| | |
| Another issue of contention is whether the merger delivered promised synergies and successfully integrated the two businesses. As late as 2002, DaimlerChrysler appeared to run two independent product lines. Later that year, the company launched products that appear to integrate elements from both sides of the company, including the [[Chrysler Crossfire]], which used extensive Mercedes parts and the [[Dodge Sprinter]]/[[Freightliner Sprinter]], a re-badged [[Mercedes-Benz Sprinter]] van.
| |
| | |
| | |
| ==Controversy==
| |
| In 2002, the merged company appeared to run two independent product lines, with few signs of corporate integration. In 2003, however, it was alleged by the ''Detroit News'' that the "merger of equals" was, in fact, a takeover. The allegation came forth as new products such as the [[Chrysler Crossfire]] (using extensive Mercedes parts) and the [[Dodge Sprinter]]/[[Freightliner Sprinter]] (a rebadged [[Mercedes-Benz Sprinter]] van) came to market. Cooperation between the Mercedes Car Group and the Chrysler Group is expected to become markedly closer under CEO Dieter Zetsche.
| |
| | |
| The $36 billion merger became the focal point of several lawsuits, including one filed by billionaire investor [[Kirk Kerkorian]], and also a book (''Taken for a Ride: How Daimler-Benz Drove Off With Chrysler'', (2000) by Bill Vlasic and Bradley A. Stertz). One class action lawsuit was settled in August 2003 for $300 million. On April 7, 2005, U.S. District Judge Joseph Farnan Jr. presiding over a bench trial in Wilmington, Delaware, judged in favor of DaimlerChrysler and rejected Kerkorian's allegations.
| |
| DaimlerChrysler also has a software development and service center in Bangalore, India under the name DCRTI (DaimlerChrysler Research and Technology India Pvt Ltd).
| |
| | |
| ==Management==
| |
| Dieter Zetsche, former President and CEO of the Chrysler Group and the Mercedes Car Group, became the chairman of DaimlerChrysler on January 1, 2006.
| |
| | |
| Chairman Jürgen E. Schrempp resigned from his position at the end of 2005 as head of the world's fifth largest auto manufacturer. In an agreement with the board of directors and Schrempp, he terminated his employment with the company early (his contract ran through 2008). Schrempp has been blamed for the fall of the company's share price since Daimler-Benz's merger with Chrysler Corporation in 1998 of which he was the architect. Currently the Mercedes Car Group has reported losses while the Chrysler Group has reported gains of nearly (7%).
| |
| | |
| Current members of the supervisory board of DaimlerChrysler are: Heinrich Flegel, Nate Gooden, Earl Graves, Thomas Klebe, Erich Klemm, Hilmar Kopper, Arnaud Lagardère, Jürgen Langer, Robert Lanigan, Helmut Lense, Peter Magowan, William Owens, Gerd Rheude, Udo Richter, Wolf Röder, Manfred Schneider, Stefan Schwaab, Bernhard Walter, Lynton Wilson, and Mark Wössner.
| |
| | |
| == DaimlerChrysler brands ==
| |
| DaimlerChrysler sells automobiles under a number of [[marque]]s worldwide:
| |
| * Mercedes Car Group
| |
| ** [[Maybach]]
| |
| ** [[Mercedes-Benz]]
| |
| ** [[Smart]]
| |
| ** [[Mercedes-AMG]]
| |
| ** [[Global Electric Motorcars]] (GEM)
| |
| * Chrysler Group
| |
| ** [[Chrysler Corporation|Chrysler]]
| |
| ** [[Dodge]]
| |
| ** [[Jeep]]
| |
| ** [[Eagle automobile|Eagle]] (discontinued in 1998)
| |
| ** [[Plymouth automobile|Plymouth]] (discontinued in 2001)
| |
| * Commercial Vehicle Brands
| |
| ** [[Freightliner (truck)|Freightliner]]
| |
| *** [[Thomas Built Buses]]
| |
| ** [[Mercedes-Benz]]
| |
| ** [[Mitsubishi Fuso Truck and Bus Corporation|Mitsubishi Fuso]]
| |
| ** [[Dodge|Dodge Trucks]]
| |
| ** [[Orion Bus Industries]]
| |
| ** [[Setra]]
| |
| ** [[Sterling Trucks]]
| |
| ** [[Western Star]]
| |
| * Engine Brands
| |
| ** Detroit Diesel
| |
| ** Mopar
| |
| ** MTU Friedrichshafen (sold to [[EQT]] in 2006)
| |
| | |
| == Holdings ==
| |
| DaimlerChrysler once held a large stake in the Japanese car company Mitsubishi Motors as well as the car operations of Korean manufacturer Hyundai. Its stake in Mitsubishi was as high as 37%, but because it did not participate in a new capital increase in April 2004, was reduced to 22%. The company sold the last of its Mitsubishi stock to Goldman Sachs in November 2005. DaimlerChrysler sold its MTU Friedrichshafen and Detroit Diesel off-road business to EQT in 2006.
| |
| | |
| DaimlerChrysler currently holds interests in the following companies:
| |
| | |
| * 30.2% EADS (European Aeronautic Defence and Space Company), a parent company of Airbus (as of March 2006) — DaimlerChrysler announced in April 2006 that it intends to sell 7.5% of EADS for "approximately €2.0 billion" [1]
| |
| * 85.0% Mitsubishi Fuso Truck and Bus Corporation of Japan.
| |
| * Freightliner, LLC
| |
| | |
| DaimlerChrysler sold its holdings in the following:
| |
| | |
| * 10.5% Hyundai Motor Company — Bought in 2000 and 2001 for US$572 million. Sold in August 2004 for US$900 million
| |
| * 37.1% Mitsubishi Motors Corporation of Japan (disposal of stake in mmC concluded on November 18, 2005)
| |
| | |
| ==Awards==
| |
| DaimlerChrysler was named one of the 100 Best Companies for Working Mothers in 2004 by Working Mothers magazine.
| |
| | |
| | |
| | |
| ==External links==
| |
| *[http://www.daimlerchrysler.com/ Official DaimlerChrysler site]
| |
| *[http://chryslergroup.daimlerchrysler.com/ Official Chrysler Group site]
| |
| *[http://www.daimlerchrysler-financialservices.com/ DaimlerChrysler Financial Services]
| |
| *[http://www-e.uni-magdeburg.de/mfett/Taken%20for%20a%20Ride.html Taken for a Ride] (BBC book excerpt)
| |
| *[http://www.smartzplanet.com/ The largest Smart Car Club Online- SMARTZ]
| |
| *[http://news.bbc.co.uk/1/hi/business/1043934.stm DaimlerChrysler sued for $9bn] (BBC)
| |
| *[http://www.caranddriver.com/article.asp?section_id=30&article_id=7060 DaimlerChrysler settles investor lawsuit] (Car & Driver)
| |
| *[http://www.lxforums.com/ Discussion forum for DaimlerChrysler LX Platform (Charger, Magnum, 300)]
| |
| | |
| [[Category:Makes]]
| |
| [[Category:Motor vehicle manufacturers of Germany]]
| |
| [[Category:Motor vehicle manufacturers of the United States]]
| |
| [[Category:Bus manufacturers]]
| |
| [[Category:DaimlerChrysler|*]]
| |
