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Chrysler Synopsis Essay

694 words - 3 pages

Chrysler Motors LLC, a U.S. auto manufacturing company, is no stranger to creating various automotive innovations through the years. Nor is the company a stranger to working its way through financial ups and downs. During Chrysler’s more profitable years the company has made several successful strategic acquisitions such as the one during the 1920s when Chrysler bought the Dodge Brothers firm. This acquisition allowed Chrysler to develop and release the low priced Plymouth brand as well as the medium priced DeSoto brand which can be attributed to aiding in Chrysler’s survival during the Great Depression of the 1930s. Chrysler’s success through the 1940s and 1950s can be attributed to the company’s ability to develop state of the art features for their vehicles from the hemispherical-head V8 engine, more commonly known as the HEMI engine, to “power steering, power windows, the alternator, electronic fuel injection, and many other automotive innovations.” Chrysler’s success, however, did not end there as the company was also successful at expanding its operations to overseas auto markets by acquiring “the UK-based Rootes Group, Simca, and Barreiros” companies (Wheelen & Hunger 17-2). Unfortunately for Chrysler this was not enough to keep the company afloat as the one thing Chrysler failed to do was pay heed to the changing demands of customers in their domestic market.
The oil crisis of the 1970s marked the beginning of Chrysler’s decline in sales. In an attempt to save the company Chrysler elected to restructure itself, quite literally from the top down. In 1978 Lee Iacocca joined Chrysler as Chief Operating Officer (COO) only to later become the Chairman and CEO in September of 1979. Iacocca took restructuring Chrysler to a whole new level when he “initiated several cost-cutting measures.” Unfortunately, Iacocca’s efforts were not enough to save Chrysler and the company was forced to ask the U.S. government for its first government loan which was granted by President Carter in 1979 for the amount of $1.5 billion. This loan allowed Chrysler to rectify its financial situation as well as expand its operations so as to create,...

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