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Transportation Company - DeSoto - Automobiles

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Transportation Company - DeSoto - Automobiles
Company Name DeSoto
Company Web Site Link
Category Automobiles
Year Founded 1928
Final Year of Operation 1961
Termination Dissolved
Successor/Parent Chrysler (Details)
Country United States (Details)
Source of Text Wikipedia
Text Credit URL Link
Transportation Company - DeSoto - Automobiles



Company History: DeSoto (sometimes De Soto) is an American automobile marque that was manufactured and marketed by the DeSoto Division of the Chrysler Corporation from 1928 to the 1961 model year. The De Soto marque was officially dropped November 30, 1960, with over two million vehicles built since 1928.
The DeSoto make was founded by Walter Chrysler on August 4, 1928, and introduced for the 1929 model year. It was named after the Spanish explorer Hernando de Soto, who led the first European expedition deep into the territory of the modern-day United States (Florida, Georgia, and Alabama).
DeSoto served as a lower priced version of Chrysler products, with Dodge and Plymouth added to the Chrysler family in 1928.

From Wikipedia

Successor/Parent History:
Walter Chrysler founded Chrysler Corporation in 1925 from the remains of the Maxwell Motor Company.[4] He expanded the company in 1928 with the acquisition of Fargo Trucks and Dodge Brothers, and the creation of the Plymouth and DeSoto brands. Chrysler used the General Motors brand diversification and hierarchy strategy he had seen working for Buick. Facing postwar declines in market share, productivity, and profitability, as GM and Ford were growing, Chrysler borrowed $250 million in 1954 from Prudential Insurance to pay for expansion and updated car designs.

In the 1960s the company expanded into Europe, by taking control of French, British and Spanish auto companies; Chrysler Europe was sold in 1978 to PSA Peugeot Citroën for $1. Chrysler struggled through the 1970s to adapt to changing markets, increased US import competition, and safety and environmental regulation. The company began an engineering partnership with Mitsubishi Motors, and began selling Mitsubishi vehicles branded as Dodge and Plymouth in North America. By the late 1970s, Chrysler was on the verge of bankruptcy. It was saved by $1.5 billion in loan guarantees from the US government. New CEO Lee Iacocca was credited with returning the company to profitability in the 1980s. In 1985, Diamond-Star Motors was created, further expanding the Chrysler-Mitsubishi relationship.

In 1987, Chrysler acquired American Motors Corporation (AMC), which brought the profitable Jeep brand under the Chrysler umbrella. In 1998, Chrysler merged with German automaker Daimler-Benz AG to form DaimlerChrysler; the merger proved contentious with investors. As a result, Chrysler was sold to Cerberus Capital Management and renamed Chrysler LLC in 2007.

Like the other Big Three automobile manufacturers, Chrysler was impacted by the automotive industry crisis of 2008–2010. The company remained in business through a combination of negotiations with creditors, filing for Chapter 11 bankruptcy reorganization on April 30, 2009, and participating in a bailout from the U.S. government through the Troubled Asset Relief Program. On June 10, 2009, Chrysler emerged from the bankruptcy proceedings with the United Auto Workers pension fund, Fiat S.p.A., and the U.S. and Canadian governments as principal owners. The bankruptcy resulted in Chrysler defaulting on over $4 billion in debts. By May 24, 2011, Chrysler finished repaying its obligations to the U.S. government five years early, although the cost to the American taxpayer was $1.3 billion. Over the next few years, Fiat gradually acquired the other parties' shares while removing much of the weight of the loans (which carried a 21% interest rate) in a short period. On January 1, 2014, Fiat S.p.A announced a deal to purchase the rest of Chrysler from the United Auto Workers retiree health trust. The deal was completed on January 21, 2014, making Chrysler Group a subsidiary of Fiat S.p.A. In May 2014, Fiat Chrysler Automobiles, NV was established by merging Fiat S.p.A. into the company. This was completed in August 2014. Chrysler Group LLC remained a subsidiary until December 15, 2014, when it was renamed FCA US LLC, to reflect the Fiat-Chrysler merger.

Brief History:
The U.S. is a country of 50 states covering a vast swath of North America, with Alaska in the northwest and Hawaii extending the nation’s presence into the Pacific Ocean. Major Atlantic Coast cities are New York, a global finance and culture center, and capital Washington, DC. Midwestern metropolis Chicago is known for influential architecture and on the west coast, Los Angeles' Hollywood is famed for filmmaking.


Item Links: We found: 2 different collections associated with DeSoto - Automobiles
Item created by: Alain LM on 2019-01-27 01:57:48. Last edited by Alain LM on 2019-01-27 02:02:58

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