Photo: Kenzo Tribouillard/AFP via Getty Images

Fiat Chrysler Automobiles and the parent of France's Peugeot have agreed on the terms of a merger that, if approved by both boards, would create the fourth-largest automaker in the world, the Wall Street Journal reports, citing unnamed sources.

Why it matters: Scale is important in the auto industry, especially in light of the huge investments required in new technologies like electric vehicles and autonomy. Peugeot CEO Carlos Tavares, who would lead the new company, is known as a gutsy executive willing to take chances to survive disruption. Nevertheless, auto industry mergers have a history of failure.

What to watch: Peugeot's board has approved the deal, WSJ reports, while the boards of FCA and Exor — the Agnelli family holding company that controls the Italian American carmaker — could vote later on Wednesday.

Go deeper: Fiat Chrysler expected to announce merger with Peugeot-owner PSA

Go deeper

Updated 7 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Global: Total confirmed cases as of 3 p.m. ET: 20,158,258 — Total deaths: 738,063 — Total recoveries: 12,388,686Map.
  2. U.S.: Total confirmed cases as of 3 p.m. ET: 5,116,791 — Total deaths: 164,137 — Total recoveries: 1,670,755 — Total tests: 62,513,174Map.
  3. States: Florida reports another daily record for deaths State testing plans fall short of demand.
  4. Axios-Ipsos poll: 1 in 2 has a personal connection to COVID-19.
  5. Business: Moderna reveals it may not hold patent rights for vaccine.
  6. 🏈 Sports: Big Ten scraps fall football season due to coronavirus.
14 mins ago - Sports

Big Ten postpones fall sports due to coronavirus

Photo: Joe Robbins/Getty Images

The Big Ten announced Tuesday that it has voted to postpone its 2020 fall sports season, including football, due to risks posed by the coronavirus pandemic, hoping instead to play in the spring.

Why it matters: The move from one of the most prominent conferences in college sports will almost certainly prompt other Power Five leagues to follow suit.

13 of Biden's former rivals to appear together at Democratic convention

Democratic presidential candidates at the primary debate in Charleston, SC. Photo: Win McNamee/Getty Images

In a show of unity at the Democratic National Convention, 13 of Joe Biden's former 2020 challengers will appear via video to talk about the party's vision for the country and how they'll work with Biden to get it done.

Why it matters: Coalescing around Biden and his eventual running mate will help Democrats head into the general election against President Trump with a united front — unlike what they did in 2016.