It's official: Groupe PSA (Peugeot) and Fiat Chrysler Automobiles (FCA) have merged together. Earlier today, the two have inked their partnership, one that will see both have 50:50 control over each other. This tie-up is set to make both of them the fourth biggest automaker in the world.

With this merger, both automakers expect to sell approximately 8.7 million cars, trucks, and SUVs combined for next year. This also helps both automakers reach a wider presence in the world, as not all brands offered by one company can be catered to by the other.

The two automakers will be sharing platforms, technologies, and research with each other to develop cars together. That means what you'll see in one brand can be used in one variation or another in a different car as well. They have also made it official that they will be working on a new compact to midsize common architecture for their future models, much like what Toyota has done with their TNGA platform.

Not only that, FCA and Groupe PSA will also work together to further advance the development of both electric and autonomous vehicles. However, neither has mentioned what their first common platform or car will be just yet. They did say that there will be a second common platform and approximately two-thirds of their future models will be using these new underpinnings.

With a wide range of brands and models on offer, they will be approaching the global market in two ways. FCA's efforts will mostly take part in the Americas (North, Central, South America), while PSA will mostly handle Europe. There is no mention of their plans for Asia just yet, but there are expecting a majority of their revenues to come from Europe where most of the brands in this merger hail from.

Groupe PSA CEO Carlos Tavares is expected to run the operations of the merger, while FCA CEO John Elkann is the chairman of the two automakers. Both have been known to turn around companies which have struggled in the past. Both have promised to keep all brands running and, at the same time, they have no plans of closing down any factories or slim down on employees.

Groupe PSA, includes Peugeot, Citroen, DS, Opel, and Vauxhall. Fiat Chrysler Automobiles (FCA) on the other hand owns brands such as Chrysler, Dodge, Jeep, Ram, Alfa Romeo, Fiat, Maserati, and Lancia.