PSA's Carlos Tavares (left) and FCA's Mike Manley. Photo: Courtesy of FCA

Fiat Chrysler Automobiles is merging with France's PSA Group to create the world's fourth-largest automaker, a deal intended to help both companies bear the cost of new technologies like electric and self-driving cars.

The big picture: The merger also gives Peugeot's parent a long-desired entry into the U.S. and will help FCA catch up in fuel-efficient powertrains. "It is better to face the challenges of the future together than on a standalone basis," PSA CEO Carlos Tavares said during an investor call, CNBC reported.

Yes, but: The merged company will have some glaring problems.

  • It will still be overly reliant on the European market, where sales are sluggish and tightening regulations make it more difficult for all players to do business there.
  • And both companies are poorly positioned in China, a combined weakness that's only amplified as the world's largest auto market shifts sharply toward electric vehicles and homegrown brands.

The bottom line: Tavares, who will lead the combined entity, is an industry wizard, but pulling this off will likely be the most difficult challenge of his career.

Go deeper: High-tech cars drive auto loans to record highs in the U.S.

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Transcripts show George Floyd told police "I can't breathe" over 20 times

Photo: Gary Coronado/Los Angeles Times via Getty Images

Newly released transcripts of bodycam footage from the Minneapolis Police Department show that George Floyd told officers he could not breathe more than 20 times in the moments leading up to his death.

Why it matters: Floyd's killing sparked a national wave of Black Lives Matter protests and an ongoing reckoning over systemic racism in the United States. The transcripts "offer one the most thorough and dramatic accounts" before Floyd's death, The New York Times writes.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Global: Total confirmed cases as of 6 p.m. ET: 11,921,616 — Total deaths: 546,318 — Total recoveries — 6,506,408Map.
  2. U.S.: Total confirmed cases as of 6 p.m. ET: 3,035,231 — Total deaths: 132,042 — Total recoveries: 936,476 — Total tested: 36,878,106Map.
  3. Public health: Deaths are rising in hotspots — Déjà vu sets in as testing issues rise and PPE dwindles.
  4. Travel: United warns employees it may furlough 45% of U.S. workforce How the pandemic changed mobility habits, by state.
  5. Education: New York City schools will not fully reopen in fallHarvard and MIT sue Trump administration over rule barring foreign students from online classes.
  6. 🎧 Podcast: A misinformation "infodemic" is here.
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Fighting the coronavirus infodemic

Illustration: Sarah Grillo/Axios

An "infodemic" of misinformation and disinformation has helped cripple the response to the novel coronavirus.

Why it matters: High-powered social media accelerates the spread of lies and political polarization that motivates people to believe them. Unless the public health sphere can effectively counter misinformation, not even an effective vaccine may be enough to end the pandemic.