NYT: Fiat Chrysler and PSA, maker of Peugeot, to merge

The New York Times writes: “Fiat Chrysler and PSA of France announced on Thursday that they plan to merge, a combination that would create Europe’s largest carmaker and the fourth largest in the world. The announcement came after a round of board meetings on Wednesday that endorsed what the companies described as “intensive” discussions among their senior managers. The two automakers described the transaction as a way to share the enormous cost of an industrywide transition to electric and autonomous vehicles. With combined annual sales of 8.7 million vehicles and 170 billion euros, or $190 billion, the new entity would be slightly larger than General Motors in terms of cars produced, and well ahead of Ford Motor Co.”

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