Although this isn't exactly breaking news, Chrysler Australia released a press release last week confirming the sale of the majority interest (80.1 percent) in the Chrysler Group to an affiliate of Cerberus Capital Management.
Chrysler produces Chrysler, Jeep, Dodge and Mopar brand vehicles. The new company, named “The New Chrysler” will be the first major North American car manufacturer in the last 50 years to be privately owned. Daimler is expected to hold onto 19.9 percent of Chrysler for the time being.
The New Chrysler will start work today, (Monday, August 6) in Michigan, and first on the job list is a revamp of the logo, the Pentastar logo will make a return.
As for the buyer, Cerberus, the company was established in 1992, and is one of the world's leading and most recognized private investment firms with approximately $25 billion under management in funds and accounts.
A new era for Chrysler begins today.