Panhard et Levassor was formed by René Panhard and Émile Levassor in 1887. Their first car (based on a Daimler engine licence) was introduced in 1890, but the company soon established itself as the maker of advanced and forward-thinking motor cars. An 1895 Panhard et Levassor was credited with the first modern transmission, with clutch pedal and gear lever.
Panhards won a significant number of races between 1895 and 1903. Panhard et Levassor also developed the Panhard rod, which continues to be used in suspension systems across the industry. Panhard et Levassor also produced railbuses. After WW2 the company continued as Panhard, and began building some of the most innovative cars in the business, such as such as the Dyna X, Dyna Z, PL 17, 24 CT and 24 BT. The final Panhard was built in 1967, after falling sales forced the company to sell-out to Citroen. From 1968, Panhard became an armoured vehicle manufaturer.