General Motors CEO Mary Barra confirmed she received an email from Fiat Chrysler CEO Sergio Marchionne suggesting that the two companies merge.
She says the email was vetted by her executive team and GM's Board of Directors.
And the answer to the suggestion was "no."
Marchionne says the global auto industry needs to consolidate to realize better economies of scale, but Barra says GM is doing just fine on its own in that regard.
"We're going to sell 10 million vehicles this year across the globe," she said. "We have scale, we're leveraging that, we're being very smart about it."
Barra made the comments at a press briefing prior to Tuesday's annual shareholders meeting.
She also downplayed the risk of a union strike against the company.
GM and the UAW are in contract talks, and the UAW this time is free of the bankruptcy-era agreement that they would not strike the company.
Barra says she agrees with UAW President Dennis Williams, that a strike is a sign of a failure on both sides.
