Fiat Chrysler is selling its auto parts business for almost $7.2 billion.
The company announced on Monday it's struck a deal with Japanese auto parts supplier Calsonic Kansei Corporation.
Fiat Chrysler said the combined businesses will create the "world's 7th largest global independent automotive" parts supplier based on total revenue, almost $17.5 billion a year.
CNN reports the deal will let Fiat Chrysler focus on winning a larger part of China's auto industry, as well as developing electric and autonomous vehicles.
The deal's set to close toward the beginning of 2019, though it's still subject to regulatory approvals.
Additional reporting from Newsy affiliate CNN.
