Clement and Henry Studebaker belonged to a large family of German immigrants who together with other brothers manufactured Studebaker carriages, and they used a 'wheel' badge thereafter as a reference. In 1902 Studebaker started manufacturing electric vehicles, but also produced petrol-engined vehicles on behalf of others. In 1911 the Studebaker Corporation was formed and ended Electric vehicle production to concentrate on petrol power. Production of horse-drawn carriages continued until 1919, by which time Studebaker was producing powered trucks that would be sold to these carriage customers. The Wall Street Crash of 1929 hit Studebaker hard because of complicated business arrangements and almost went into receivership. It was refinanced in 1933 and set about launching an economy model, the Champion, which was launched in 1939 with styling by Raymond Loewy. Studebaker did well out of manufacturing Military vehicles during WW2, but after the war they could not match the aggressive prices from Ford, General Motors and Chrysler. Packard took over Studebaker in 1954, but they could not solve the problems of Studebaker, and from 1962 more and more of Studebaker closed down until it was all over by 1967.