New Automotive Giant Emerges

On this day in 1998 American automotive giant Chrysler signed a 38 billion dollar deal with German automotive company Daimler-Benz AG. The new company created was called DaimlerChysler and was equipped with many tools to perform on the global market by providing consumers with mid-priced cars to high-end Mercedes automobiles. Though, this merger was not without its critics. Many believed it would only usher in monopolistic control on the global auto market.