Here is the ordered sequence of steps in the chemoreceptor reflex pathway:
Plasma oxygen decreases
Chemoreceptor cell in carotid body depolarizes
Excitatory neurotransmitter released onto sensory neuron
Sensory neuron firing increases
Message sent to RCC (respiratory control centers) in pons/medulla
Diaphragm and other inspiratory muscles contract
Volume of thoracic cage increases
Intra-alveolar pressure equilibrates with atmospheric pressure
Pressure in lung decreases
Air moves in down pressure gradient
Output is sent via somatic motor neurons
Potassium channels close
Please note that this is a generalized sequence, and additional feedback loops and regulatory mechanisms may also be involved in the overall control of respiration.