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The government's loan was paid off seven years early.

The picture further brightened in the late 1980s with Chrysler's purchase of American Motors Corporation (which netted the company the Jeep brand) and a joint venture with Mitsubishi known as Diamond Star Motors. In 1998, German-based Daimler-Benz merged with Chrysler to form Daimler Chrysler.

Chrysler, a noted machinist; he'd purchased the Maxwell Motor Corporation of Detroit and used it as the foundation for his new company.

The automaker quickly earned a reputation for advanced engineering.

Still, it remains to be seen as to whether this and future product releases will be enough to restore the company to its former glory.