ON THIS DAY IN UNITED STATES HISTORY
June 6, 1925
Chrysler Corporation is Founded by
Walter P. Chrysler
On this day in 1935, Chrysler Corporation was founded when Maxwell Motor Company was re-organized into the
Chrysler Corporation. The first Chrysler automobile had a 6-cylinder engine and was designed to provide customers
with an advanced, well engineered car at a more affordable price.
On September 7, 1979, the Chrysler Corporation petitioned the United States Government for $1.5 billion in loan
guarantees to avoid bankruptcy in a move that not only saved Chrysler but also made CEO Lee Iacocca a household
name. By 1983, the loans were fully repaid.
Since that time, the company has undergone many other structural changes but on April 30, 2009, competition with
foreign owned car companies along with a recession finally forced Chrysler into Chapter 11 bankruptcy. But that was
not the end of the story. Chrysler reorganized under bankruptcy and lives on.