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Chrysler Group LLC is a multinational automaker headquartered in the Detroit suburb of Auburn Hills, Michigan. Chrysler was first organized as the Chrysler Corporation in 1925. On June 10, 2009, Chrysler Group LLC emerged from a Chapter 11 reorganization and announced a plan for a partnership with Italian automaker Fiat. Fiat holds a 25% stake in the new company, with an option to increase its stake to 35%, and up to 51%, if it meets financial and developmental goals for the company. Fiat's stake cannot go beyond 49% until the government has been paid back in full.
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