Daimler AG (ISIN: DE0007100000) (formerly Daimler-Benz AG, DaimlerChrysler AG) is a German car corporation (not to be confused with the British Daimler Motor Company) and the world's thirteenth largest car manufacturer as well as the largest truck manufacturer in the world. In addition to automobiles, Daimler manufactures trucks and provides financial services through its Daimler Financial Services arm. The company also owns major stakes in aerospace group EADS, high-technology and parent company of the Vodafone McLaren Mercedes racing team McLaren Group, and Japanese truck maker Mitsubishi Fuso Truck and Bus Corporation.

DaimlerChrysler was founded in 1998 when Mercedes-Benz manufacturer Daimler-Benz (1926-1998) of Stuttgart, Germany merged with the US-based Chrysler Corporation. The deal created a new entity, DaimlerChrysler. However, the buyout failed to produce the trans-Atlantic automotive powerhouse dealmakers had hoped for, and DaimlerChrysler announced on May 14, 2007 that it would sell Chrysler to Cerberus Capital Management of New York, a private equity firm that specializes in restructuring troubled companies. On October 4, 2007 a DaimlerChrysler Extraordinary Shareholders' Meeting approved the renaming of the company. From October 5, 2007, the company has been titled Daimler AG. The US company adopted the name Chrysler LLC when the sale completed on August 3, 2007.

Daimler produces cars and trucks under the brands of Mercedes-Benz, Maybach, Smart, Freightliner and many others.

History

Daimler AG is a German manufacturer of automobiles, motor vehicles, and engines, which dates back more than a century.

An Agreement of Mutual Interest was signed on May 1 1924 between Benz & Cie (founded 1883) of Karl Benz and Daimler Motoren Gesellschaft (founded 1890) of Gottlieb Daimler and Wilhelm Maybach.

Both companies continued to manufacture their separate automobile and internal combustion engine brands until, on June 28 1926, when Benz & Cie. and Daimler Motoren Gesellschaft AG formally merged—becoming Daimler-Benz AG—and agreed that thereafter, all of the factories would use the brand name of Mercedes-Benz on their automobiles.

In 1998 Daimler-Benz AG "merged" with the American automobile manufacturer Chrysler Corporation, and formed DaimlerChrysler AG. In 2007, when the Chrysler group was sold off to Cerberus Capital Management, the name of the parent company was changed to simply Daimler AG.

Timeline of Daimler AG

Benz & Company, 1883–1926
Daimler Motoren Gesellschaft AG, 1890–1926
Daimler-Benz AG, 1926–1998
DaimlerChrysler AG, 1998–2007
Daimler AG, 2007–present

Former Chrysler operations

Chrysler has suffered a series of setbacks in recent years, culminating in DaimlerChrysler's agreement to sell the unit to Cerberus Capital Management in May 2007 for US$6 billion. Through most of its history, Chrysler has been the third largest of the "Big 3" US auto makers, but in January 2007, DaimlerChrysler, excluding its luxury Mercedes and Maybach lines, also outsold traditionally second place Ford, though behind General Motors and Toyota.