Sergio Marchionne’s racy bid to take control of GM Europe and put it with Fiat Auto and Chrysler to create the world’s joint second biggest carmaker is the corporate equivalent of accelerating from 0-60mph in under five seconds. The history of putting car companies together is littered with models that did not work, but the sector has little choice but to consolidate.

Right now, Fiat is puny. As chief executive, Mr Marchionne returned it to profit in 2006, but that was after six years of losses, and the group still had €5.9bn ($7.9bn, £5.26bn) debt at the end of last year. Thursday’s news of a merger between Porsche and Volkswagen is a reminder smaller carmakers sometimes have to give up ambitions to take over larger rivals, but Mr Marchionne is still wise to seek to turn Fiat into a powerhouse while governments on both sides of the Atlantic feel generously disposed.