Fiat Chrysler Automobiles and Renault are in talks that could result in merging vast swaths of their businesses, a move that illustrates the growing desire among automakers to consolidate in an environment of increased regulatory pressure, sales declines and rising costs aimed at bringing next-generation technologies like self-driving cars to market.
Update: Fiat Chrysler has sent a non-binding letter to Renault proposing a 50-50 merger. Under the proposal, the combined businesses would be split equally between FCA and Renault shareholders. The board would be a combined entity of 11 members, FCA said. The majority would be independent. FCA and Renault would get equal represent with four members each as well as one nominee from Nissan.