Elkann: More mergers in pipeline

Fiat Chrysler Automobiles NV Chairman John Elkann sees the need for more combinations in the auto industry and expects consolidation to continue.

"Hopefully this will be driven by reason and common sense rather than by crisis," Elkann, 39, chairman of Exor SpA, said in his annual letter to the investment company's shareholders.

Controlled by the Agnelli family, Exor owns 29.2 percent of Fiat Chrysler and 44.3 percent of its voting rights. Elkann said industry mergers should take into account the importance of identity and culture, "avoiding the all too typical divisive trappings of a takeover".