Karl Benz was granted a patent for the world's first motor car in 1886. In 1901 Daimler acquired the rights to the name Mercedes. In 1926 Daimler and Benz merged. In 1998 Daimler-Benz AG bought Chrysler Corporation to form DaimlerChrysler AG. In May 2007, DaimlerChrysler sold Chrysler Corp. In October 2007, DaimlerChrysler was renamed Daimler AG.