May 07

On May 7, 1946, Tokyo Telecommunications Engineering Company was established by Masaru Ibuka and Akio Morita in postwar Japan. Initially focused on repairing radios and building Japan’s first tape recorders, the firm later adopted the name Sony in 1958. Sony revolutionized consumer electronics with products like the Trinitron television and the Walkman portable cassette player. The company pioneered innovations in audio, video, and gaming industries, including the development of the PlayStation console. Today, Sony is a global conglomerate spanning electronics, entertainment, and financial services. Its origins reflect the resilience and ingenuity of Japanese industry in the aftermath of World War II.

On May 7, 1998, Daimler-Benz AG announced the acquisition of Chrysler Corporation for US$40 billion. The merger formed the new automotive giant DaimlerChrysler AG, combining German engineering with American mass-market reach. It represented the largest industrial merger in history at the time. Executives envisioned economies of scale in manufacturing, research, and global distribution. The deal aimed to blend Mercedes' luxury reputation with Chrysler's volume production capabilities. However, cultural and operational differences between the companies led to integration challenges. Despite initial optimism, these issues eventually contributed to Daimler's decision to divest Chrysler. The merger remains a landmark event in automotive industry consolidation.