Calsonic Kansei has lined up around 5 billion euros ($5.9 billion) in financing from Japanese banks to fund its proposed acquisition of Fiat Chrysler's unit Magneti Marelli, four sources familiar with the matter said.

Renault, Volkswagen and Fiat Chrysler led a 29.8 percent European car sales surge last month, the main regional industry body said, as automakers used discounts to clear inventory ahead of tougher emissions tests.

Car giant Fiat Chrysler has announced Michael Manley as its new boss. The 54 year old takes the helm after eight years running the group's profitable Jeep brand.

KKR offered less than the $6.98 billion minimum valuation Fiat Chrysler sought for Magneti Marelli, which ended the exclusivity of the talks, Bloomberg reported.