NEW YORK (TheStreet) -- Fiat Chrysler (FCAU) shares are down 0.98% to $16.12 in trading on Tuesday after it was revealed that the automaker has delayed the redesign or release of more than a dozen vehicles as it looks for a merger partner, according to Reuters.
The result of the plan could allow the company to defer billions of dollars in investment expenses until after it reaches a deal, according to Reuters sources.
If true, the reports would seem to harm the success of the five year $50 billion plan CEO Sergio Marchionne presented to investors last year as the company looks to increase global annual sales to 7 million from 4.75 million vehicles by 2018.
Late last month it was revealed that the company sent an email to GM (GM) executives looking to initiate merger talks, according to the New York Times.
The Times reported that Marchionne's request for a meeting was flatly rejected as a potential merger failed to pique the interest of GM CEO Mary Barra or any of GM's other executives.
It has since been revealed that the company has put out merger feelers to numerous car companies as the company believes that the industry needs to consolidate to save money and that a merger between automotive companies would cut billions of dollars in costs.