It's official: Fiat Chrysler Automobiles and PSA Groupe intend to merge operations. The companies early Thursday announced their plans for a 50-50 joint shareholder-owned entity that they said would save $4.11 billion (3.7 billion euro) annually without plant closures. The companies would have combined revenue of $189.06 billion (170 billion euro) with profits of more than $12.23 billion (11 billion euro), based on 2018 figures. The announcement, which comes only days after word of serious talks leaked, shakes up the global automotive industry at a time of transition. Together, the companies will create the fourth-largest automotive group in the world and likely put pressure on other automakers to consider consolidation as the global auto market slows and companies look for ways to pay for the development of self-driving technology and electrification. It's not clear what the new company will be called.