In the late 1980s, the financial condition of Chrysler Corporation started deteriorating. The company began taking cost-cutting measures and introduced fuel-efficient vehicles like the Dodge shadow and the Plymouth Sundance. In 1989, it started a US$1 billion cost-cutting and restructuring program. On December 31, 1992, Iacocca retired as the CEO of the company. In 1996, the company shifted to its new headquarters in Auburn Hills, Michigan, in the United States.