Daimler and Chrysler merged in 1998 to become the fifth largest car producer. Daimler, founded in 1886, was known for luxury cars and commercial vehicles. Chrysler, founded in 1925, focused on affordable cars, trucks, and vans. The merger combined Daimler's technical innovation and financial power with Chrysler's broader product line. However, the companies also faced challenges from cultural differences and lagging presence in Asian markets. The new leadership would need to find ways to better integrate the management while expanding into new markets and customer segments.