Peugeot manufacturer PSA Group and Fiat Chrysler Automobiles (FCA) signed on Wednesday their $50 billion merger of equals, creating the world's fourth-largest car manufacturer by volume and third by revenue.
"The proposed combination will be an industry leader with the management, capabilities, resources and scale to successfully capitalize on the opportunities presented by the new era in sustainable mobility," the companies said in a joint statement.
The newly formed company is projected to hit annual unit sales of 8.7 million vehicles on revenues of nearly €170 billion.