Fiat Chrysler Automobiles (FCA) has proposed a merger with Renault which would save both companies billions of dollars.
FCA could save around £4.4bn each year as they would share research and purchasing
FCA said the merged company would be 50% owned by their shareholders and the French car manufacturer’s shareholders will own the other 50%.
Both car manufacturers have been discussing the proposed merger for weeks and looking to find a way to save money as they look to produce electric and autonomous cars.
The French government are cautious over the merger idea as they own 15% of Renault.