DaimlerChrysler

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Daimler co
Image:DaimlerChryslerLogo.svg
Type	Public (FWB: DCX, NYSE: DCX, TYO: 7663 )
Founded	1998
Headquarters	Stuttgart, Germany Auburn Hills, Michigan, USA
Key people	Dieter Zetsche, CEO and Chairman
Industry	Auto & Truck Manufacturers
Products	Chrysler, Detroit Diesel, Dodge, Jeep, Maybach, Mercedes-Benz, Western Star, more
Revenue	€149.78 billion
Employees	382,724 (2005)
Website	www.daimlerchrysler.com

DaimlerChrysler AG (ISIN: DE0007100000) is a major 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 (the manufacturer of Mercedes-Benz) (Germany) and the Chrysler Corporation (USA). The transaction was announced on May 7, and took place on November 12.

The company produces cars and trucks under the brands Chrysler, Dodge, Jeep, Mercedes-Benz, 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.

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.

In mid-February, Chrysler group announced plans to lay off 13,000 employees, close a major assembly plant and reduce production at other plants in order to restore profitability by 2008. [1] General Motors is in talks to buy DaimlerChrysler AG's struggling Chrysler Group in its entirety, according to several reports. Volkswagen is the latest carmaker to say it is not interested in acquiring money-losing Chrysler from DaimlerChrysler. VW joins the Renault-Nissan auto alliance and Hyundai Motor Company, which said earlier they were not interested in acquiring Chrysler.

Contents 1 Leadership 2 Ownership of DaimlerChrysler 3 Allegations 4 Brands 5 Holdings 6 See also 7 External links

Leadership

Dieter Zetsche, former President and CEO of the Chrysler Group and the Mercedes Car Group, became the chairman of DaimlerChrysler on January 1, 2006. He is better known in the United States as Dr. Z from a Chrysler advertising campaign.

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.

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.

Ownership of DaimlerChrysler

The largest shareholder in DaimlerChrysler today is the State of Kuwait, with 7.2%, followed by Deutsche Bank, with just under 5%. The 3rd largest shareholder is the Emirate of Dubai, with just over 2% of DaimlerChrysler shares.^[1]

Breaking the shareholdings by region:^[2]

• 47.5% Germany
• 26.7% Other Europe
• 16.5% USA
• 9.3% Rest of the World

Allegations

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. presided over a bench trial in Wilmington, Delaware, and ruled in favor of DaimlerChrysler, rejecting Kerkorian's allegations.

Brands

DaimlerChrysler sells automobiles under a number of marques worldwide:

• Mercedes Car Group
  • Maybach
  • Mercedes-Benz
  • smart
  • Mercedes-AMG
  • Global Electric Motorcars (GEM)
• Chrysler Group
  • Chrysler
  • Dodge
  • Jeep
  • DeSoto (discontinued in 1961)
  • Eagle (discontinued in 1998)
  • Plymouth (discontinued in 2001)
• Commercial Vehicle Brands
  • Freightliner
    • Thomas Built Buses
    • Sterling Trucks
    • Western Star
  • Mercedes-Benz
  • Mitsubishi Fuso
  • Dodge Trucks
  • Orion Bus Industries
  • Setra

They also sell other products under other brands:

• Engine Brands
  • Detroit Diesel
  • Hemi engine (see also Chrysler Hemi engine)
  • Mopar
  • MTU Friedrichshafen (sold to EQT in 2006)
• TV Channels: internal TV program for employees - service ended by 2006 DaimlerChrysler Television (DCTV)
• Financial Services: DaimlerChrysler Financial Services, LLC

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" [2]
• 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 of Japan (disposal of stake in MMC concluded on November 18, 2005)

See also

• DaimlerChrysler India
• DaimlerChrysler Canada
• Global Engine Manufacturing Alliance
• EPA 2004 fuel economy report (DaimlerChrysler)
• Daimler Motoren Gesellschaft
• DaimlerChrysler Corp. v. Cuno, 547 U.S. ___ (2006), a U.S. Supreme Court case involving tax incentives granted to DaimlerChrysler to expand its Toledo, Ohio facilities

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