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Italy's Fiat Chrysler Automobile (FCHA. MI) said Monday that it had proposed a "transformation and merger" to French Renault, which would create a global leader to help Renault and Fiat address some of their weaknesses.
Fiat said that 50% of the merged company was owned by Fiat Chrysler shareholders and the remaining 50% was owned by Renault shareholders.
The auto industry is facing many challenges, including the development of electric vehicles, emission regulations tightening, networking and new technologies used on autopilot cars. The cost of research and development is high. All these factors are facing the pressure of integration.

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