About Chrysler Group LLC
Chrysler Group LLC is an American-based, multinational automaker, in global strategic alliance with its main owner, Italian manufacturer Fiat since 2009. Its core brands which it produces are Chrysler, Jeep, Dodge, Ram, SRT, Fiat, and Mopar vehicles and products. The Company is headquartered in Auburn Hills, Michigan, United States. Chrysler was first organized as the Chrysler Corporation in 1925.
In December 2008, U.S. President George W. Bush agreed to a $4 billion bailout for Chrysler. This was followed by an additional $8.5 billion bailout that was extended by President Barack Obama early in his administration. In total, the government granted a $12.5 billion dollar bailout for Chrysler, using Troubled Asset Relief Program funds provided by Congress and Canadian government funds. Chrysler received loans for three months in order to come up with specific plans to restructure into viable companies. An additional $1.5 billion was loaned to Chrysler Financial, its credit affiliate.
On June 10, 2009, Chrysler LLC emerged from a Chapter 11 bankruptcy reorganization and substantially all of its operations were sold to a new company, Chrysler Group LLC, organized in alliance with the Italian automaker Fiat. Initially holding a 20% interest in Chrysler Group, Fiat’s stake was increased to 58.5% (fully diluted) following acquisition of the equity interests held by the U.S. Treasury (6% on June 3, 2011) and Canada (1.5% on July 21, 2011)