DETROIT – Fiat Chrysler is proposing a merger with French carmaker Renault aimed at saving billions of dollars for both companies.
UPDATE: Fiat Chrysler says it has withdrawn offer to merge with France's Renault
Fiat Chrysler Automobiles said in a statement Monday that the merged company would be 50 percent owned by FCA shareholders and 50 percent by Renault shareholders.
The companies have been in discussions for weeks, as major world carmakers seek ways to save money amid the huge costs of pivoting the industry to electric and autonomous cars.
The French government, which owns 15 percent of Renault, is cautious about the new merger idea.