Fiat Chrysler, PSA group near merger talks

France's PSA Group has agreed to buy Opel from General Motors, giving it the boost to challenge European market leader Volkswagen.

Despite rejecting refugees, the Czech Republic has been recruiting migrants to keep its economy running. But as companies cut corners to get foreign workers, the trend is becoming a new vehicle for populist politics.

The partnership of Renault, Nissan and Mitsubishi dates back to 1999. Is a new partner about to join them and turn the group into the world's largest seller of automobiles?

Fiat Chrysler confirms merger talks with Peugeot owner

Auto giants Fiat Chrysler and France's PSA group are planning a merger that would see the company become the world's fourth-largest carmaker. An official communique also revealed where the new outfit would be based.

Peugeot and Fiat Chrysler have said the plan will result in €3.7 billion in savings, allowing them to work on creating more sustainable vehicles. The new company will be a 50-50 merger of the two.

Together, the two companies may seize too much control over the small vans market and harm competition across the EU, regulators say. The Fiat Chrysler-PSA merger would create the fourth-biggest car maker in the world.

Tesla has become the world's most valuable carmaker, overtaking Japan's Toyota, after its stock hit a record high. Shares in the electric carmaker touched $1,134 on Wednesday morning before falling back, leaving it with a market value of $209.47bn (£165bn).

Japanese carmaker Nissan reported a net loss of 367.71 billion yen ($3.5B) in the first nine months of the fiscal year up to December 2020 although its performance improved in the most recent quarter.

US electric vehicle maker Rivian is set to make its debut on Wall Street at $78 a share, in one of the biggest initial public offerings ever. Also, director Peter Jackson sells his visual effects firm for $1.6 billion and a legendary Parisian department store gears up for a busy holiday shopping season after a 16-year hiatus.