Fiat Chrysler on Monday proposed a merger with French carmaker Renault aimed at saving billions of dollars for both companies as the industry pivots to electric and autonomous vehicles. 3 automaker and be 50 per cent owned by FCA shareholders and 50 per cent by Renault shareholders, Fiat Chrysler Automobiles said in a statement Monday. The French government, which owns 15 per cent of Renault, is cautious about the new FCA merger idea. A French official said Sunday that the state will only agree to a merger if it makes sense for jobs and France's national interests. The official told The Associated Press that Japanese authorities have also been informed, and that France would prefer a tie-up within the existing Renault-Nissan-Mitsubishi alliance.

Source: CBC News May 27, 2019 06:00 UTC