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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.

Go deeper

3 hours ago - Politics & Policy

Trump to issue at least 100 pardons and commutations before leaving office

Photo: Mandel Ngan/AFP via Getty Images

President Trump plans to issue at least 100 pardons and commutations on his final full day in office Tuesday, sources familiar with the matter told Axios.

Why it matters: This is a continuation of the president's controversial December spree that saw full pardons granted to more than two dozen people — including former Trump campaign chair Paul Manafort, longtime associate Roger Stone and Charles Kushner, the father of Trump's senior adviser and son-in-law, Jared Kushner.

  • The pardons set to be issued before Trump exits the White House will be a mix of criminal justice ones and pardons for people connected to the president, the sources said.
  • CNN first reported this news.

Go deeper: Convicts turn to D.C. fixers for Trump pardons

Schumer's m(aj)ority checklist

Senate Minority Leader Chuck Schumer. Photo: Tasos Katopodis/Getty Images

Capitalizing on the Georgia runoffs, achieving a 50-50 Senate and launching an impeachment trial are weighty to-dos for getting Joe Biden's administration up and running on Day One.

What to watch: A blend of ceremonies, hearings and legal timelines will come into play on Tuesday and Wednesday so Chuck Schumer can actually claim the Senate majority and propel the new president's agenda.

The dark new reality in Congress

National Guard troops keep watch at security fencing. Photo: Kent Nishimura/Los Angeles Times via Getty Images

This is how bad things are for elected officials and others working in a post-insurrection Congress:

  • Rep. Norma Torres (D-Calif.) said she had a panic attack while grocery shopping back home.
  • Rep. Jim McGovern (D-Mass.) said police may also have to be at his constituent meetings.
  • Rep. Adam Kinzinger (R-Ill.) told a podcaster he brought a gun to his office on Capitol Hill on Jan. 6 because he anticipated trouble with the proceedings that day.