Exhibit 99.1

Interim Report

As of and for the three and nine months ended September 30, 2019

TABLE OF CONTENTS

	Page
CERTAIN DEFINED TERMS	3
MANAGEMENT DISCUSSION AND ANALYSIS	5
Highlights	5
Non-GAAP Financial Measures	6
Group Results	8
Results by Segment	17
Liquidity and Capital Resources	31
Risks and Uncertainties	36
Outlook	37
INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AND NOTES AS OF AND FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2019	38
Interim Condensed Consolidated Income Statement	39
Interim Condensed Consolidated Statement of Comprehensive Income	40
Interim Condensed Consolidated Statement of Financial Position	41
Interim Condensed Consolidated Statement of Cash Flows	42
Interim Condensed Consolidated Statement of Changes in Equity	43
Notes to the Interim Condensed Consolidated Financial Statements	44
1. Basis of preparation	44
2. Scope of consolidation	51
3. Net revenues	53
4. Net financial expenses	55
5. Tax expense	55
6. Goodwill and intangible assets with indefinite useful lives	56
7. Other intangible assets	57
8. Property, plant and equipment	57
9. Trade and other receivables	58
10. Inventories	58
11. Share-based compensation	59
12. Employee benefits liabilities	60
13. Provisions	61
14. Debt	62
15. Other liabilities	62
16. Fair value measurement	63
17. Related party transactions	66
18. Guarantees granted, commitments and contingent liabilities	67
19. Equity	70
20. Earnings per share	72
21. Segment reporting	74
22. Subsequent events	78

CERTAIN DEFINED TERMS

In this Interim Report, unless otherwise specified, the terms “we”, “our”, “us”, the “Group”, the “Company” and “FCA” refer to Fiat Chrysler Automobiles N.V., together with its subsidiaries or any one or more of them, as the context may require. References in this Interim Report to “FCA N.V.” refer solely to Fiat Chrysler Automobiles N.V. References to “FCA US” refer to FCA US LLC, together with its direct and indirect subsidiaries.

All references in this Interim Report to “Euro” and “€” refer to the currency issued by the European Central Bank. The Group’s financial information is presented in Euro. All references to “U.S. Dollars”, “U.S. Dollar”, “U.S.$” and “$” refer to the currency of the United States of America (“U.S.”).

Forward-Looking Statements

Statements contained in this Interim Report, particularly those regarding possible or assumed future performance, competitive strengths, costs, dividends, reserves and growth of FCA, industry growth and other trends and projections and estimated company earnings are “forward-looking statements” that contain risks and uncertainties. In some cases, words such as “may”, “will”, “expect”, “could”, “should”, “intend”, “estimate”, “anticipate”, “believe”, “remain”, “on track”, “design”, “target”, “objective”, “goal”, “forecast”, “projection”, “outlook”, “prospects”, “plan”, or similar terms are used to identify forward-looking statements. These forward-looking statements reflect the respective current views of the Group with respect to future events and involve significant risks and uncertainties that could cause actual results to differ materially.

These factors include, without limitation:

• our ability to launch new products successfully and to maintain vehicle shipment volumes;

• changes in the global financial markets, general economic environment and changes in demand for automotive products, which is subject to cyclicality;

• changes in local economic and political conditions, changes in trade policy and the imposition of global and regional tariffs or tariffs targeted to the automotive industry, the enactment of tax reforms or other changes in tax laws and regulations;

• our ability to expand certain of our brands globally;

• our ability to offer innovative, attractive products;

• our ability to develop, manufacture and sell vehicles with advanced features, including enhanced electrification, connectivity and autonomous-driving characteristics;

• various types of claims, lawsuits, governmental investigations and other contingencies affecting us, including product liability and warranty claims and environmental claims, investigations and lawsuits;

• material operating expenditures in relation to compliance with environmental, health and safety regulations;

• the intense level of competition in the automotive industry, which may increase due to consolidation;

• exposure to shortfalls in the funding of our defined benefit pension plans;

• our ability to provide or arrange for access to adequate financing for our dealers and retail customers and associated risks related to the establishment and operations of financial services companies, including capital required to be deployed to financial services;

• our ability to access funding to execute our business plan and improve our business, financial condition and results of operations;

• a significant malfunction, disruption or security breach compromising our information technology systems or the electronic control systems contained in our vehicles;

3

• our ability to realize anticipated benefits from joint venture arrangements;

• our ability to successfully implement and execute strategic initiatives and transactions, including our plans to separate certain businesses;

• disruptions arising from political, social and economic instability;

• risks associated with our relationships with employees, dealers and suppliers;

• increases in costs, disruptions of supply or shortages of raw materials;

• developments in labor and industrial relations, including any work stoppages, and developments in applicable labor laws;

• exchange rate fluctuations, interest rate changes, credit risk and other market risks;

• political and civil unrest;

• earthquakes or other disasters; and

• other factors discussed elsewhere in this Interim Report.

Furthermore, in light of the inherent difficulty in forecasting future results, any estimates or forecasts of particular periods that are provided in this Interim Report are uncertain. We expressly disclaim and do not assume any liability in connection with any inaccuracies in any of the forward-looking statements in this Interim Report or in connection with any use by any third party of such forward-looking statements. Actual results could differ materially from those anticipated in such forward-looking statements. We do not undertake an obligation to update or revise publicly any forward-looking statements.

Additional factors which could cause actual results and developments to differ from those expressed or implied by the forward-looking statements are included in the section — Risks and Uncertaintiesof this Interim Report.

4

MANAGEMENT DISCUSSION AND ANALYSIS

Highlights - from continuing operations

Our former Magneti Marelli business was classified as a discontinued operation for the nine months ended September 30, 2019, up to its deconsolidation on completion of the sale transaction on May 2, 2019, and for the three and nine months ended September 30, 2018. Refer to Note 2, Scope of consolidation in our Interim Condensed Consolidated Financial Statements elsewhere in this Interim Report for additional information. Unless otherwise stated, all figures below exclude results from discontinued operations:

Three months ended September 30				Nine months ended September 30
2019		2018	(€ million, except shipments, which are in thousands of units, and per share amounts)	2019	2018
1,059		1,160	Combined shipments(1)	3,253	3,665
1,031		1,125	Consolidated shipments(2)	3,159	3,526
27,322		27,594	Net revenues	78,544	80,938
1,959		1,872	Adjusted EBIT(3)	4,553	4,907
(179	)	514	Net (loss)/profit from continuing operations	1,122	2,159
1,262		1,343	Adjusted net profit(4)	2,760	3,215
—		50	Profit from discontinued operations, net of tax(5)	3,970	180
(179	)	564	Net (loss)/profit (including discontinued operations)	5,092	2,339
			Earnings per share - including discontinued operations(6)
(0.11	)	0.36	Basic (loss)/earnings per share (€)	3.25	1.50
(0.11	)	0.36	Diluted (loss)/earnings per share (€)	3.24	1.48
			Earnings per share from continuing operations(6)
(0.11	)	0.33	Basic (loss)/earnings per share (€)	0.72	1.39
(0.11	)	0.33	Diluted (loss)/earnings per share (€)	0.71	1.38
0.81		0.86	Adjusted diluted earnings per share(7) (€)	1.75	2.05
			Dividends paid, per share
—		—	Ordinary dividends paid, per share (€)	0.65	—
—		—	Extraordinary dividends paid, per share (€)	1.30	—

	Nine months ended September 30
(€ million)	2019			2018
Cash flows from operating activities	€	6,094		€	5,963
Of which: Cash flows from continuing operations(8)	6,402			5,623
Of which: Cash flows (used in)/from discontinued operations(8)	(308		)	340
Industrial free cash flows(9)	662			2,411

________________________________________________________________________________________________________________________________________________

(1) Combined shipments include shipments by the Group's consolidated subsidiaries and unconsolidated joint ventures.

(2) Consolidated shipments only include shipments by the Group's consolidated subsidiaries.

(3) Refer to sections — Non-GAAP Financial Measures, Group Results and Results by Segment in this Interim Report for further discussion.

(4) Refer to sections — Non-GAAP Financial Measures and Group Results in this Interim Report for further discussion.

(5) Profit from discontinued operations, net of tax for the nine months ended September 30, 2019 includes the €3,811 million gain on disposal of Magneti Marelli and related tax expense of €2 million.

(6) Refer to Note 20, Earnings per share, in the Interim Condensed Consolidated Financial Statements included in this Interim Report.

(7) Refer to sections - Non-GAAP Financial Measures and Group Results in this Interim Report for further discussion.

(8) Includes only cash flows relating to third parties and excluding intercompany of €(200) million and €29 million for the nine months ended September 30, 2019 and 2018 respectively.

(9) Amounts exclude discontinued operations. Refer to section — Non-GAAP Financial Measures and Liquidity and Capital Resources in this Interim Report for further discussion.

5

Non-GAAP Financial Measures

We monitor our operations through the use of several non-generally accepted accounting principles (“non-GAAP”) financial measures: Adjusted Earnings Before Interest and Taxes (“Adjusted EBIT”), Adjusted net profit, Adjusted diluted earnings per share (“Adjusted diluted EPS”), Industrial free cash flows and certain information provided on a constant exchange rate (“CER”) basis. We believe that these non-GAAP financial measures provide useful and relevant information regarding our operating results and enhance the overall ability to assess our financial performance. They provide us with comparable measures which facilitate management’s ability to identify operational trends, as well as make decisions regarding future spending, resource allocations and other operational decisions. These and similar measures are widely used in the industry in which we operate, however, these financial measures may not be comparable to other similarly titled measures of other companies and are not intended to be substitutes for measures of financial performance as prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”), as well as IFRS as adopted by the European Union.

Adjusted EBIT: excludes certain adjustments from Net (loss)/profit from continuing operations, including: gains/(losses) on the disposal of investments, restructuring, impairments, asset write-offs and unusual income/(expenses) that are considered rare or discrete events that are infrequent in nature, and also excludes Net financial expenses and Tax expense/(benefit).

Adjusted EBIT is used for internal reporting to assess performance and as part of the Group's forecasting, budgeting and decision making processes as it provides additional transparency to the Group's core operations. We believe this non-GAAP measure is useful because it excludes items that we do not believe are indicative of the Group’s ongoing operating performance and allows management to view operating trends, perform analytical comparisons and benchmark performance between periods and among our segments. We also believe that Adjusted EBIT is useful for analysts and investors to understand how management assesses the Group’s ongoing operating performance on a consistent basis. In addition, Adjusted EBIT is one of the metrics used in the determination of the annual performance bonus and the achievement of certain performance objectives established under the terms of the 2019-2021 equity incentive plan for the Chief Executive Officer of the Group and other eligible employees, including members of the Group Executive Council.

Refer to the sections Group Results and Results by Segment below for further discussion and for a reconciliation of this non-GAAP measure to Net (loss)/profit from continuing operations, which is the most directly comparable measure included in our Interim Condensed Consolidated Income Statement. Adjusted EBIT should not be considered as a substitute for Net (loss)/profit from continuing operations, cash flow or other methods of analyzing our results as reported under IFRS.

Adjusted net profit: is calculated as Net (loss)/profit from continuing operations excluding post-tax impacts of the same items excluded from Adjusted EBIT, as well as financial income/(expenses) and tax income/(expenses) considered rare or discrete events that are infrequent in nature.

We believe this non-GAAP measure is useful because it also excludes items that we do not believe are indicative of the Group’s ongoing operating performance and provides investors with a more meaningful comparison of the Group's ongoing operating performance. In addition, Adjusted net profit is one of the metrics used in the determination of the annual performance bonus and the achievement of certain performance objectives established under the terms of the 2014-2018 equity incentive plan for the Chief Executive Officer of the Group and other eligible employees, including members of the Group Executive Council.

Refer to the section Group Resultsbelow for further discussion and for a reconciliation of this non-GAAP measure to Net (loss)/profit from continuing operations, which is the most directly comparable measure included in our Interim Condensed Consolidated Income Statement. Adjusted net profit should not be considered as a substitute for Net (loss)/profit from continuing operations, cash flow or other methods of analyzing our results as reported under IFRS.

Adjusted diluted EPS: is calculated by adjusting Diluted (loss)/earnings per share from continuing operations for the impact per share of the same items excluded from Adjusted net profit.

We believe this non-GAAP measure is useful because it also excludes items that we do not believe are indicative of the Group’s ongoing operating performance and provides investors with a more meaningful comparison of the Group's ongoing quality of earnings.

6

Refer to the section Group Resultsbelow for a reconciliation of this non-GAAP measure to Diluted (loss)/earnings per share from continuing operations, which is the most directly comparable measure included in our Interim Condensed Consolidated Financial Statements. Adjusted diluted EPS should not be considered as a substitute for Basic (loss)/earnings per share, Diluted (loss)/earnings per share from continuing operations or other methods of analyzing our quality of earnings as reported under IFRS.

Industrial free cash flows: is our key cash flow metric and is calculated as Cash flows from operating activities less: cash flows from operating activities from discontinued operations; cash flows from operating activities related to financial services, net of eliminations; investments in property, plant and equipment and intangible assets for industrial activities; adjusted for net intercompany payments between continuing operations and discontinued operations; and adjusted for discretionary pension contributions in excess of those required by the pension plans, net of tax. The timing of Industrial free cash flows may be affected by the timing of monetization of receivables and the payment of accounts payable, as well as changes in other components of working capital, which can vary from period to period due to, among other things, cash management initiatives and other factors, some of which may be outside of the Group’s control.

Refer to Liquidity and Capital Resources —Industrial free cash flowsfor further information and the reconciliation of this non-GAAP measure to Cash flows from operating activities, which is the most directly comparable measure included in our Interim Condensed Consolidated Statement of Cash Flows. Industrial free cash flows should not be considered as a substitute for Net (loss)/profit from continuing operations, cash flow or other methods of analyzing our results as reported under IFRS.

Constant Currency Information: the discussion within section Group Results includes information about our results at CER, which is calculated by applying the prior year average exchange rates to translate current financial data expressed in local currency in which the relevant financial statements are denominated (see Note 1, Basis of Preparation, within the Interim Condensed Consolidated Financial Statements included elsewhere in this report for the exchange rates applied). Although we do not believe that this non-GAAP measure is a substitute for GAAP measures, we believe that results excluding the effect of currency fluctuations provide additional useful information to investors regarding the operating performance and trends in our business on a local currency basis.

7

Group Results

The following is a discussion of the Group's results of operations for the three and nine months ended September 30, 2019 compared to the three and nine months ended September 30, 2018.

Three months ended September 30						Nine months ended September 30
2019			2018		(€ million)	2019		2018
€	27,322		€	27,594	Net revenues	€	78,544	€	80,938
23,768			23,584		Cost of revenues	68,038		69,428
1,601			2,291		Selling, general and other costs	4,691		5,608
1,456			705		Research and development costs	2,911		2,249
43			50		Result from investments	159		201
—			—		Gains on disposal of investments	7		—
(1		)	24		Restructuring costs	195		26
280			249		Net financial expenses	784		801
261			791		Profit before taxes	2,091		3,027
440			277		Tax expense	969		868
(179		)	514		Net (loss)/profit from continuing operations	1,122		2,159
—			50		Profit from discontinued operations, net of tax	3,970		180
€	(179	)	€	564	Net (loss)/profit	€	5,092	€	2,339
					Net (loss)/profit attributable to:
€	(179	)	€	557	Owners of the parent	€	5,086	€	2,321
€	—		€	7	Non-controlling interests	€	6	€	18
					Net (loss)/profit from continuing operations attributable to:
€	(179	)	€	513	Owners of the parent	€	1,118	€	2,156
€	—		€	1	Non-controlling interests	€	4	€	3
					Net profit from discontinued operations attributable to:
€	—		€	44	Owners of the parent	€	3,968	€	165
€	—		€	6	Non-controlling interests	€	2	€	15

Net revenues

				Increase/(Decrease)									Increase/(Decrease)
Three months ended September 30				2019 vs. 2018					Nine months ended September 30				2019 vs. 2018
2019		2018		% Actual		% CER		(€ million)	2019		2018		% Actual		% CER
€	27,322	€	27,594	(1.0	)%	(4.4	)%	Net revenues	€	78,544	€	80,938	(3.0	)%	(6.6	)%

See — Results by Segment below for a discussion of Net revenues for each of our five reportable segments (North America, LATAM, APAC, EMEA and Maserati). During the three months ended March 31, 2019, our previously reported “NAFTA” segment was renamed “North America” (refer to Note 21, Segment reporting for additional information).

8

Cost of revenues

						Increase/(Decrease)											Increase/(Decrease)
Three months ended September 30						2019 vs. 2018					Nine months ended September 30						2019 vs. 2018
2019			2018			% Actual		% CER		(€ million)	2019			2018			% Actual		% CER
€	23,768		€	23,584		0.8	%	(2.6	)%	Cost of revenues	€	68,038		€	69,428		(2.0	)%	(5.6	)%
87.0		%	85.5		%					Cost of revenues as % of Net revenues	86.6		%	85.8		%

The increase in Cost of revenues during the three months ended September 30, 2019 compared to the corresponding period in 2018 was primarily related to (i) impairment of assets, as described below, (ii) increases resulting from foreign currency translation effects, and (iii) model mix, product costs and content enhancements on recently launched vehicles in North America, which were largely offset by volume decreases in North America, EMEA and Maserati.

During the three months ended September 30, 2019, rationalization of product portfolio plans, primarily for Europe in the A-segment as well for Alfa Romeo resulted in the recognition of asset impairment charges for certain platforms. The impairment charges totaled €1,376 million, composed of €563 millionof Property, plant and equipment recognized within Cost of revenuesand€813 millionof previously capitalized development costs recognized within Research and development costs. Of these charges, €435 million relates to the EMEA segment, €148 millionrelates to the Maserati segmentand the remaining€793 million is not allocated to a specific region as the platform assets that have been impaired are used to produce Alfa Romeo vehicles sold in several of our regions. Refer to Note 7, Other intangible assets in the Interim Condensed Consolidated Financial Statements included elsewhere in this Interim Report.

The decrease in Cost of revenues during the nine months ended September 30, 2019 compared to the corresponding period in 2018 was primarily related to (i) volume decreases in North America, EMEA and Maserati, which were partially offset by (ii) impairment of assets as mentioned above, (iii) increases resulting from foreign currency translation effects; and (iv) overall mix, product costs and enhancements on recently launched vehicles in North America.

Included within Cost of revenues for the three and nine months ended September 30, 2019 were amounts of €145 million and €291 million, respectively, which represent the accrual of regulatory expenses and the utilization of regulatory credits, primarily in North America and EMEA. The amounts for the nine months ended September 30, 2019 include a benefit in North America as a result of the CAFE fine rate reduction in the U.S. on MY2019 vehicles sold in prior periods, recognized in the second quarter of 2019. Included within Cost of revenues for the three and nine months ended September 30, 2018 were amounts of €92 million and €274 million, respectively, which represented the accrual of regulatory expenses and the utilization of regulatory credits, primarily in North America.

Cost of revenues also includes significant costs that contribute to regulatory compliance which are not separately quantifiable as they are elements within broader initiatives, such as technology deployment in terms of powertrain upgrades and alternative powertrains, along with actions to improve vehicle demand energy. For further detail, refer to “Environmental and Other Regulatory Matters - Automotive Fuel Economy and Greenhouse Gas Emissions” within our 2018 Annual Report.

Selling, general and other costs

						Increase/(Decrease)											Increase/(Decrease)
Three months ended September 30						2019 vs. 2018					Nine months ended September 30						2019 vs. 2018
2019			2018			% Actual		% CER		(€ million)	2019			2018			% Actual		% CER
€	1,601		€	2,291		(30.1	)%	(31.6	)%	Selling, general and other costs	€	4,691		€	5,608		(16.4	)%	(18.6	)%
5.9		%	8.3		%					Selling, general and other costs as % of Net revenues	6.0		%	6.9		%

9

Selling, general and other costs includes advertising, personnel and other costs. The decrease in Selling, general and other costs during the three and nine months ended September 30, 2019, compared to the corresponding period in 2018 was primarily due to the non-repeat of the €713 million charge for estimated costs related to U.S. diesel emissions matters recognized during the three months ended September 30, 2018, which were excluded from Adjusted EBIT. Net of this charge, Selling, general and other costs decreased by €204 million during the nine months ended September 30, 2019, due to lower advertising expenses in North America, EMEA and LATAM, as well as efficiencies resulting from restructuring actions in EMEA.

Advertising costs accounted for 47.2 percent and 32.5 percent of total Selling, general and other costs for the three months ended September 30, 2019 and 2018, respectively, and 47.4 percent and 40.9 percent for the nine months ended September 30, 2019 and 2018, respectively. The increase in advertising costs as a proportion of total Selling, general and other costs was primarily due to lower total Selling, general and other costs in 2019 from the non-repeat of the charge recognized in three and nine months ended September 30, 2018 referred to above.

Research and development costs

				Increase/(Decrease)									Increase/(Decrease)
Three months ended September 30				2019 vs. 2018					Nine months ended September 30				2019 vs. 2018
2019		2018		% Actual		% CER		(€ million)	2019		2018		% Actual		% CER
€	312	€	348	(10.3	)%	(13.2	)%	Research and development expenditures expensed	€	944	€	1,088	(13.2	)%	(16.8	)%
331		357		(7.3	)%	(9.8	)%	Amortization of capitalized development expenditures	1,027		1,095		(6.2	)%	(8.7	)%
813		—		n.m.		n.m.		Impairment and write-off of capitalized development expenditures	940		66		n.m.		n.m.
€	1,456	€	705	106.5	%	103.8	%	Total Research and development costs	€	2,911	€	2,249	29.4	%	26.3	%

________________________________________________________________________________________________________________________________________________

n.m. = number not meaningful

Three months ended September 30					Nine months ended September 30
2019		2018			2019		2018
1.1	%	1.3	%	Research and development expenditures expensed as % of Net revenues	1.2	%	1.3	%
1.2	%	1.3	%	Amortization of capitalized development expenditures as % of Net revenues	1.3	%	1.4	%
3.0	%	—	%	Impairment and write-off of capitalized development expenditures as % of Net revenues	1.2	%	0.1	%
5.3	%	2.6	%	Total Research and development cost as % of Net revenues	3.7	%	2.8	%

The increase in total Research and development costs during the three and nine months ended September 30, 2019, as compared to the same periods in 2018 was primarily due to the impact of impairment charges of previously capitalized development costs (refer to Cost of Revenues above).

The decrease in the Research and development expenditures expensed during the three and nine months ended September 30, 2019 as compared to the same periods in 2018 was primarily due to the higher capitalization of costs, consistent with the progress in the stage of development of models in North America, primarily the Jeep brand.

The decrease in the Amortization of capitalized development costs during the three and nine months ended September 30, 2019 as compared to the same periods in 2018 was primarily due to the cycle of the current product range.

10

Total research and development expenditures during the three and nine months ended September 30, 2019 and 2018 were as follows:

Three months ended September 30						Increase/(Decrease)			Nine months ended September 30						Increase/(Decrease)
2019			2018			2019 vs. 2018		(€ million)	2019			2018			2019 vs. 2018
€	707		€	557		26.9	%	Capitalized development expenditures	€	1,956		€	1,463		33.7	%
312			348			(10.3	)%	Research and development expenditures expensed	944			1,088			(13.2	)%
€	1,019		€	905		12.6	%	Total Research and development expenditures	€	2,900		€	2,551		13.7	%
69.4		%	61.5		%			Capitalized development expenditures as % of Total Research and development expenditures	67.4		%	57.4		%
3.7		%	3.3		%			Total Research and development expenditures as % of Net revenues	3.7		%	3.2		%

The increase in total Research and development expenditures during the three and nine months ended September 30, 2019 compared to the corresponding periods in 2018 reflects the efforts in the continued renewal and enrichment of our product portfolio.

The increase in Capitalized development expenditures as a proportion of total Research and development expenditures during the three and nine months ended September 30, 2019 compared to the corresponding periods in 2018 was due to increased spending for the development of new models to be launched in 2020 and 2021.

Net financial expenses

Three months ended September 30				Increase/(Decrease)			Nine months ended September 30				Increase/(Decrease)
2019		2018		2019 vs. 2018		(€ million)	2019		2018		2019 vs. 2018
€	280	€	249	12.4	%	Net financial expenses	€	784	€	801	(2.1	)%

The increase in Net financial expenses during the three months ended September 30, 2019 compared to the corresponding period in 2018 was primarily due to €23 million of interest on lease liabilities recognized following the adoption of IFRS 16 - Leases (refer to Note 1, Basis of preparation, within our Interim Condensed Consolidated Financial Statements included elsewhere in this Interim Report) and negative foreign exchange impacts, more than offsetting savings from the reduction in gross debt.

The decrease in Net financial expenses during the nine months ended September 30, 2019 compared to the corresponding period in 2018 was primarily due to the average reduction in gross debt, partially offset by €64 million of interest on lease liabilities recognized following the adoption of IFRS 16.

Tax expense

Three months ended September 30						Increase/(Decrease)			Nine months ended September 30						Increase/(Decrease)
2019			2018			2019 vs. 2018		(€ million)	2019			2018			2019 vs. 2018
€	440		€	277		58.8	%	Tax expense	€	969		€	868		11.6	%
169		%	35		%			Effective tax rate	46		%	29		%

The increase in the effective tax rate during the three and nine months ended September 30, 2019, compared to the corresponding periods in 2018, primarily related to the €1,376 million impairment charges recognized during the three months ended September 30, 2019 without a corresponding tax benefit due to the partial deferred tax recognition position in Italy, partially offset by the non-repeat of the tax impact of the U.S. diesel emissions expense recognized during the three months ended September 30, 2018.

11

Net (loss)/profit from continuing operations

Three months ended September 30					Increase/(Decrease)		Nine months ended September 30				Increase/(Decrease)
2019			2018		2019 vs. 2018	(€ million)	2019		2018		2019 vs. 2018
€	(179	)	€	514	n.m.	Net (loss)/profit from continuing operations	€	1,122	€	2,159	(48.0	)%

________________________________________________________________________________________________________________________________________________

n.m. = number not meaningful

The change from Net profit to Net (loss) from continuing operations during the three months ended September 30, 2019, compared to the corresponding period in 2018 was primarily due to the pre-tax impact of €1,376 million impairment of assets (refer to Cost of Revenues above) and the non-repeat of the €713 million charge recognized during the three months ended September 30, 2018 for estimated costs related to U.S. diesel emissions matters.

The decrease in Net profit from continuing operations during the nine months ended September 30, 2019, compared to the corresponding period in 2018 was primarily due to the pre-tax impact of €1,376 million impairment of assets recognized in the three months ended September 30, 2019 (refer to Cost of Revenues above), partially offset by the non-repeat of €713 million for estimated costs related to U.S. diesel emissions matters recognized during the three months ended September 30, 2018. Decreased operating performance due to EMEA and Maserati was partially offset by improvements in APAC, LATAM and North America.

Profit from discontinued operations, net of tax

Three months ended September 30				Increase/(Decrease)		Nine months ended September 30				Increase/(Decrease)
2019		2018		2019 vs. 2018	(€ million)	2019		2018		2019 vs. 2018
€	—	€	50	n.m.	Profit from discontinued operations, net of tax	€	3,970	€	180	n.m.

________________________________________________________________________________________________________________________________________________

n.m. = number not meaningful

Magneti Marelli, including the gain on sale of €3,811 million and related tax expense of €2 million, is presented as a discontinued operation in the Interim Condensed Consolidated Financial Statements for the three and nine months ended September 30, 2019 and 2018. For more information, refer to Note 2, Scope of consolidation, within our Interim Condensed Consolidated Financial Statements included elsewhere in this Interim Report.

Adjusted EBIT

						Increase/(Decrease)											Increase/(Decrease)
Three months ended September 30						2019 vs. 2018					Nine months ended September 30						2019 vs. 2018
2019			2018			% Actual		% CER		(€ million)	2019			2018			% Actual		% CER
€	1,959		€	1,872		4.6	%	(0.5	)%	Adjusted EBIT	€	4,553		€	4,907		(7.2	)%	(11.7	)%
7.2		%	6.8		%	+40 bps				Adjusted EBIT margin (%)	5.8		%	6.1		%	-30 bps

12

The following chart presents the change in Adjusted EBIT by segment for the three months ended September 30, 2019 compared to the corresponding period in 2018.

For the three months ended September 30, 2019 and 2018, the Adjusted EBIT related to Magneti Marelli that was excluded from the Group's Adjusted EBIT result was nil and €123 million, respectively. Refer to Note 2, Scope of consolidation in our Interim Condensed Consolidated Financial Statements elsewhere in this Interim Report for additional information regarding the classification of Magneti Marelli as a discontinued operation.

The following chart presents the change in Adjusted EBIT by segment for the nine months ended September 30, 2019 compared to the corresponding period in 2018.

For the nine months ended September 30, 2019 and 2018, the Adjusted EBIT related to Magneti Marelli that was excluded from the Group's Adjusted EBIT result was €218 million and €354 million, respectively. Refer to Note 2, Scope of consolidation in our Interim Condensed Consolidated Financial Statements elsewhere in this Interim Report for additional information regarding the classification of Magneti Marelli as a discontinued operation.

Refer to — Results by Segment below for a discussion of Adjusted EBIT for each of our five reportable segments (North America, LATAM, APAC, EMEA and Maserati).

13

The following table is the reconciliation of Net (loss)/profit from continuing operations, which is the most directly comparable measure included in the Interim Condensed Consolidated Income Statement, to Adjusted EBIT:

Three months ended September 30							Nine months ended September 30
2019			2018			(€ million)	2019			2018
€	(179	)	€	514		Net (loss)/profit from continuing operations	€	1,122		€	2,159
440			277			Tax expense	969			868
280			249			Net financial expenses	784			801
						Adjustments:
1,376			—			Impairment expense and supplier obligations	1,531			164
(1		)	24			Restructuring costs, net of reversals	195			26
—			713			Charge for U.S. diesel emissions matters	—			713
—			129			China inventory impairment	—			129
—			—			U.S. special bonus payment	—			111
—			—			Employee benefits settlement losses	—			78
—			(3		)	Recovery of costs for recall - airbag inflators	—			(46		)
—			13			(Recovery of)/costs for recall - contested with supplier	—			(50		)
—			—			Gains on disposal of investments	(7		)	—
—			(47		)	Brazilian indirect tax - reversal of liability/recognition of credits	(164		)	(47		)
43			3			Other	123			1
1,418			832			Total Adjustments	1,678			1,079
€	1,959		€	1,872		Adjusted EBIT	€	4,553		€	4,907

During the three months ended September 30, 2019, Adjusted EBIT excluded adjustments primarily related to:

• €1,376 million relating to impairments (refer to Cost of revenues and Research and development costs above);

• €43 million of Other costs, primarily relating to litigation proceedings (refer to Note 18, Guarantees granted, commitments and contingent liabilities in the Interim Condensed Consolidated Financial Statements included elsewhere in this report for further details).

During the nine months ended September 30, 2019, Adjusted EBIT excluded adjustments primarily related to:

• €1,531 million relating to the impairment expense of €1,376 million recognized in the third quarter of 2019, as above, as well as impairment expense of €87 million in North America, €62 million in Maserati, and supplier obligations of €6 million in EMEA recognized in the first quarter of 2019;

• €195 million of restructuring costs, mainly related to LATAM, EMEA and North America, primarily includes €76 million of write-down of Property, plant and equipment and €116 million related to the recognition of provisions for restructuring (refer to Note 13, Provisions, in the Interim Condensed Consolidated Financial Statements included elsewhere in this report);

• €164 million of gains in relation to the recognition of credits for amounts paid in prior years in relation to indirect taxes in Brazil (refer to Note 9, Trade and other receivables, in the Interim Condensed Consolidated Financial Statements included elsewhere in this report);

• €123 million of Other costs, primarily relating to litigation proceedings (refer to Note 18, Guarantees granted, commitments and contingent liabilities, in the Interim Condensed Consolidated Financial Statements included elsewhere in this report for further details).

14

During the three months ended September 30, 2018, Adjusted EBIT excluded adjustments primarily related to:

• €713 million charge for estimated costs related to U.S. diesel emissions matters;

• €129 million relating to impairment of inventory in connection with the accelerated adoption of new emission standards in China and slower than expected sales;

• €24 million relating to restructuring costs, which included €60 million of costs in EMEA offset by a €36 million reversal of previously recorded restructuring costs in LATAM;

• €47 million of gains in relation to the recognition of credits for amounts paid in prior years in relation to indirect taxes in Brazil; and

• €13 million accrued in relation to costs for a recall which were contested with a supplier.

During the nine months ended September 30, 2018, in addition to the items above, Adjusted EBIT excluded adjustments primarily related to:

• €164 million relating to impairment expense of €109 million, primarily in EMEA and APAC, and supplier obligations of €55 million resulting from changes in product plans in connection with the updated business plan;

• €111 million charge in relation to a special bonus payment, announced on January 11, 2018, to approximately 60,000 hourly and salaried employees in the United States, excluding senior management, as a result of the Tax Cuts and Jobs Act;

• €78 million charge arising on settlement of a portion of a supplemental retirement plan in North America;

• €46 million gain from the recovery of amounts accrued in 2016 in relation to costs for recall campaigns related to Takata airbag inflators; and

• €50 million gain from the partial recovery of amounts accrued in 2016 and 2018 in relation to costs for a recall which were contested with a supplier, net of €13 million of additional costs in the three months ended September 30, 2018, as above.

Adjusted net profit

Three months ended September 30				Increase/(Decrease)			Nine months ended September 30				Increase/(Decrease)
2019		2018		2019 vs. 2018		(€ million)	2019		2018		2019 vs. 2018
€	1,262	€	1,343	(6.0	)%	Adjusted net profit	€	2,760	€	3,215	(14.2	)%

The following table summarizes the reconciliation of Net (loss)/profit from continuing operations, which is the most directly comparable measure included in the Interim Condensed Consolidated Income Statement, to Adjusted net profit:

Three months ended September 30							Nine months ended September 30
2019			2018			(€ million)	2019			2018
€	(179	)	€	514		Net (loss)/profit from continuing operations	€	1,122		€	2,159
1,418			832			Adjustments (as above)	1,678			1,079
(54		)	(3		)	Tax impact on adjustments	(117		)	3
77			—			Net derecognition of deferred tax assets and other tax adjustments	77			—
—			—			Impact of U.S. tax reform	—			(26		)
1,441			829			Total adjustments, net of taxes	1,638			1,056
€	1,262		€	1,343		Adjusted net profit	€	2,760		€	3,215

15

During the three and nine months ended September 30, 2019, Adjusted net profit excluded adjustments related to:

• €54 million and €117 million gain reflecting the tax impact on the items excluded from Adjusted EBIT above, respectively;

• €77 million charge reflecting net derecognition of deferred tax assets and other tax adjustments.

During the three months ended September 30, 2018, Adjusted net profit excluded adjustments related to:

• €3 million charge reflecting the tax impact on the items excluded from Adjusted EBIT above.

During the nine months ended September 30, 2018, Adjusted net profit excluded adjustments related to:

• €3 million gain reflecting the tax impact on the items excluded from Adjusted EBIT above; and

• €26 million gain relating to the impact of December 2017 U.S. tax reform.

Adjusted diluted earnings per share

Three months ended September 30				Increase/(Decrease)			Nine months ended September 30				Increase/(Decrease)
2019		2018		2019 vs. 2018		(€ per share)	2019		2018		2019 vs. 2018
€	0.81	€	0.86	(5.8	)%	Adjusted diluted earnings per share	€	1.75	€	2.05	(14.6	)%

The following table summarizes the reconciliation of Diluted (loss)/earnings per share from continuing operations, which is the most directly comparable measure included in the Interim Condensed Consolidated Financial Statements, to Adjusted diluted earnings per share:

Three months ended September 30						Nine months ended September 30
2019			2018		(€ per share except otherwise noted)	2019		2018
€	(0.11	)	€	0.33	Diluted (loss)/earnings per share from continuing operations	€	0.71	€	1.38
0.92			0.53		Impact of adjustments above, net of taxes, on Diluted earnings per share from continuing operations	1.04		0.67
€	0.81		€	0.86	Adjusted diluted earnings per share	€	1.75	€	2.05
1,571,155			1,568,788		Weighted average number of shares outstanding for Diluted earnings per share from continuing operations (thousand)	1,570,576		1,567,701

16

Results by Segment

	Net revenues						Adjusted EBIT						Consolidated Shipments
	Three months ended September 30
(€ million, except shipments which are in thousands of units)	2019			2018			2019			2018			2019	2018
North America	€	19,066		€	19,073		€	2,019		€	1,937		600	673
LATAM	2,191			1,983			152			83			150	151
APAC	687			582			(10		)	(96		)	17	19
EMEA	4,660			4,955			(55		)	(25		)	260	273
Maserati(1)	394			631			(51		)	15			4	9
Other activities	722			576			(70		)	(39		)	—	—
Unallocated items & eliminations(2)	(398		)	(206		)	(26		)	(3		)	—	—
Total	€	27,322		€	27,594		€	1,959		€	1,872		1,031	1,125

	Net revenues						Adjusted EBIT						Consolidated Shipments
	Nine months ended September 30
(€ million, except shipments which are in thousands of units)	2019			2018			2019			2018			2019	2018
North America	€	52,762		€	53,025		€	4,628		€	4,550		1,752	1,995
LATAM	6,173			5,979			367			258			418	433
APAC	2,041			1,853			(31		)	(184		)	56	58
EMEA	15,294			16,925			(52		)	345			919	1,014
Maserati	1,208			1,953			(159		)	103			14	26
Other activities	2,175			1,868			(162		)	(124		)	—	—
Unallocated items & eliminations(2)	(1,109		)	(665		)	(38		)	(41		)	—	—
Total	€	78,544		€	80,938		€	4,553		€	4,907		3,159	3,526

________________________________________________________________________________________________________________________________________________

(1) Maserati shipments for the three months ended September 30, 2019 reflect the impact of rounding of one thousand units.

(2) Primarily includes intercompany transactions which are eliminated on consolidation

The following is a discussion of Net revenues, Adjusted EBIT and shipments for each of our five reportable segments for the three and nine months ended September 30, 2019 as compared to the three and nine months ended September 30, 2018. We review changes in our results of operations with the following operational drivers:

• Volume: reflects changes in products sold to our customers, primarily dealers and fleet customers. Change in volume is driven by industry volume, market share and changes in dealer stock levels. Vehicles manufactured and distributed by our unconsolidated joint ventures are not included within volume;

• Mix: generally reflects the changes in product mix, including mix among vehicle brands and models, as well as changes in regional market and distribution channel mix, including mix between retail and fleet customers;

• Net price: primarily reflects changes in prices to our customers including higher pricing related to content enhancement, net of discounts, price rebates and other sales incentive programs, as well as related foreign currency transaction effects;

• Industrial costs: primarily include cost changes to manufacturing and purchasing of materials that are associated with content and enhancement of vehicle features, as well as industrial efficiencies and inefficiencies, recall campaign and warranty costs, depreciation and amortization, research and development costs and related foreign currency transaction effects;

• Selling, general and administrative costs (“SG&A”): primarily include costs for advertising and promotional activities, purchased services, information technology costs and other costs not directly related to the development and manufacturing of our products; and

• Other: includes other items not mentioned above, such as foreign currency exchange translation and results from joint ventures and associates.

17

North America

						Increase/(Decrease)											Increase/(Decrease)
Three months ended September 30						2019 vs. 2018					Nine months ended September 30						2019 vs. 2018
2019			2018			% Actual		% CER			2019			2018			% Actual		% CER
600			673			(10.8	)%	—		Shipments (thousands of units)	1,752			1,995			(12.2	)%	—
€	19,066		€	19,073		—	%	(4.5	)%	Net revenues (€ million)	€	52,762		€	53,025		(0.5	)%	(6.1	)%
€	2,019		€	1,937		4.2	%	(1.2	)%	Adjusted EBIT (€ million)	€	4,628		€	4,550		1.7	%	(4.5	)%
10.6		%	10.2		%	+40 bps		—		Adjusted EBIT margin (%)	8.8		%	8.6		%	+20 bps		—

Three months ended September 30, 2019

The Group's market share⁽¹⁾ in North America of 12.1 percent for the three months ended September 30, 2019 reflected an increase of 10 bps from 12.0 percent in the same period in 2018. The U.S. market share⁽¹⁾ of 12.7 percent reflected a decrease of 20 bps from 12.9 percent in the same period in 2018.

Shipments

The decrease in North America shipments in the three months ended September 30, 2019 compared to the same period in 2018 was primarily due to continued dealer stock discipline, partially offset by volumes of all-new Jeep Gladiator.

Net revenues

North America Net revenues in the three months ended September 30, 2019 were in line with the same period in 2018, with favorable model mix and foreign exchange translation effects, offset by lower volumes and negative channel mix.

Adjusted EBIT

The following chart reflects the change in North America Adjusted EBIT by operational driver for the three months ended September 30, 2019 compared to the same period in 2018.

_______________________________________________________________________________________________________________________________________________

(1) Our estimated market share data presented are based on management’s estimates of industry sales data, which use certain data provided by third-party sources, including IHS Markit and Ward’s Automotive.

18

The increase in North America Adjusted EBIT in the three months ended September 30, 2019 compared to the same period in 2018 was primarily due to:

• favorable mix;

• positive net price;

• industrial efficiencies; and

• overall favorable foreign exchange effects.

These were partially offset by:

• lower volumes; and

• increased product costs on new vehicles, included within Industrial costs above.

Nine months ended September 30, 2019

Shipments

The decrease in North America shipments in the nine months ended September 30, 2019 compared to the same period in 2018 was due to lower Jeep volumes from the non-repeat of overlapping all-new and prior generation Jeep Wrangler models in the first three months of 2019, continued dealer stock reductions, partially offset by increased Ram and all-new Jeep Gladiator volumes.

Net revenues

North America Net revenues in the nine months ended September 30, 2019 were slightly down compared to the same period in 2018, with €5.3 billion from lower volumes partially offset by €3.0 billion favorable foreign exchange translation effects and €1.9 billion of favorable mix and €0.2 billion of positive net pricing.

Adjusted EBIT

The following chart reflects the change in North America Adjusted EBIT by operational driver for the nine months ended September 30, 2019 compared to the same period in 2018.

19

The increase in North America Adjusted EBIT in the nine months ended September 30, 2019 compared to the same period in 2018 was primarily due to:

• favorable mix and positive net pricing driven by new models;

• manufacturing and purchasing efficiencies, as well as the benefit due to the CAFE fine rate reduction in the U.S. on MY2019 vehicles sold in prior periods recognized in the second quarter of 2019;

• lower SG&A expense, primarily from a reduction in advertising costs; and

• favorable foreign currency translation effects.

These were partially offset by:

• lower volumes; and

• increased product costs on new vehicles, included within Industrial costs.

20

LATAM

						Increase/(Decrease)											Increase/(Decrease)
Three months ended September 30						2019 vs. 2018					Nine months ended September 30						2019 vs. 2018
2019			2018			% Actual		% CER			2019			2018			% Actual		% CER
150			151			(0.7	)%	—		Shipments (thousands of units)	418			433			(3.5	)%	—
€	2,191		€	1,983		10.5	%	8.6	%	Net revenues (€ million)	€	6,173		€	5,979		3.2	%	6.3	%
€	152		€	83		83.1	%	92.3	%	Adjusted EBIT (€ million)	€	367		€	258		42.2	%	57.1	%
6.9		%	4.2		%	+270 bps		—		Adjusted EBIT margin (%)	5.9		%	4.3		%	+160 bps		—

Three months ended September 30, 2019

The Group's market share⁽¹⁾ in LATAM increased30 bps to 13.7 percent for the three months ended September 30, 2019 from 13.4 percent in the same period in 2018. The Group's market share in Brazil and Argentina for the three months ended September 30, 2019increased20 bps to 18.4 percent from 18.2 percent and decreased20 bps to 12.5 percent from 12.7 percent, respectively, compared to the corresponding period in 2018.

Shipments

LATAM shipments in the three months ended September 30, 2019 were substantially flat compared to the same period in 2018, with increased volumes in Brazil offset by lower volumes in other markets, primarily Argentina.

Net revenues

The increase in LATAM Net revenues in the three months ended September 30, 2019 compared to the same period in 2018 was primarily due to positive net pricing, including the recognition of one-off indirect tax credit, and favorable foreign exchange effects.

Adjusted EBIT

The following chart reflects the change in LATAM Adjusted EBIT by operational driver for the three months ended September 30, 2019 compared to the same period in 2018.

________________________________________________________________________________________________________________________________________________

(1) Our estimated market share data presented are based on management’s estimates of industry sales data, which use certain data provided by third-party sources, including IHS Markit, National Organization of Automotive Vehicles Distribution and Association of Automotive Producers.

21

The increase in LATAM Adjusted EBIT in the three months ended September 30, 2019 compared to the same period in 2018 was primarily due to:

• higher Net revenues, primarily from favorable net pricing.

This was partially offset by:

• higher industrial costs, mainly from purchasing cost inflation.

Nine months ended September 30, 2019

Shipments

The decrease in LATAM shipments in the nine months ended September 30, 2019, compared to the same period in 2018, was primarily due to the ongoing Argentina market decline, partially offset by increased volumes in Brazil.

Net revenues

The increase in LATAM Net revenues in the nine months ended September 30, 2019 compared to the same period in 2018 was primarily due to positive net pricing, including the recognition of one-off indirect tax credits, partially offset by lower volumes.

Adjusted EBIT

The following chart reflects the change in LATAM Adjusted EBIT by operational driver for the nine months ended September 30, 2019 compared to the same period in 2018.

22

The increase in LATAM Adjusted EBIT in the nine months ended September 30, 2019 compared to the same period in 2018 was primarily due to:

• positive net pricing, including the recognition of one-off credits relating to indirect taxes.

This was partially offset by:

• higher industrial costs, mainly from purchasing cost inflation, as well as lower export tax benefits in Brazil and Argentina; and

• negative foreign exchange effects.

Amounts totaling €164 million for credits recognized in relation to a definitive favorable court decision in the COFINS over ICMS litigation in Brazil were excluded from Adjusted EBIT, consistent with the treatment of the related recognition of previous credits in 2018 and the reversal of an indirect tax liability in 2017. Refer to Note 9, Trade and other receivables and the Group's Consolidated Financial Statements for the years ended 2018 and 2017 for further information.

23

APAC

						Increase/(Decrease)											Increase/(Decrease)
Three months ended September 30						2019 vs. 2018					Nine months ended September 30						2019 vs. 2018
2019			2018			% Actual		% CER			2019			2018			% Actual		% CER
35			46			(23.9	)%	—		Combined shipments (thousands of units)	109			155			(29.7	)%	—
17			19			(10.5	)%	—		Consolidated shipments (thousands of units)	56			58			(3.4	)%	—
€	687		€	582		18.0	%	13.9	%	Net revenues (€ million)	€	2,041		€	1,853		10.1	%	7.2	%
€	(10	)	€	(96	)	89.6	%	89.2	%	Adjusted EBIT (€ million)	€	(31	)	€	(184	)	83.2	%	86.5	%
(1.5		)%	(16.5		)%	+1500 bps		—		Adjusted EBIT margin (%)	(1.5		)%	(9.9		)%	+840 bps		—

We locally produce and distribute the Jeep Cherokee, Renegade, Compass and Grand Commander through the 50% owned GAC Fiat Chrysler Automobiles Co (“GAC FCA JV”). The results of the GAC FCA JV are accounted for using the equity method, with recognition of our share of the net income of the joint venture in the line item “Result from investment” within the Consolidated Income Statement. We also produce the Jeep Compass through our joint operation with Fiat India Automobiles Private Limited (“FIAPL”) and we recognize our related interest in the joint operation on a line by line basis. 

Shipments distributed by our consolidated subsidiaries, which include vehicles produced by FIAPL, are reported in both consolidated and combined shipments. Shipments of the GAC FCA JV are not included in consolidated shipments and are only in combined shipments.

Three months ended September 30, 2019

Shipments

The decrease in combined shipments in the three months ended September 30, 2019 compared to the same period in 2018 was primarily due to lower GAC FCA JV volumes.

The decrease in consolidated shipments in the three months ended September 30, 2019 compared to the same period in 2018 was primarily due to lower Jeep Compass volumes, partially offset by increased Jeep Wrangler volumes.

Net revenues

The increase in APAC Net revenues in the three months ended September 30, 2019 compared to the same period in 2018 was primarily due to favorable vehicle mix and foreign exchange effects, as well as the non-repeat of incentives related to China 5 transition, partially offset by lower volumes.

24

Adjusted EBIT

The following chart reflects the change in APAC Adjusted EBIT by operational driver for the three months ended September 30, 2019 compared to the same period in 2018.

The increase in APAC Adjusted EBIT in the three months ended September 30, 2019 compared to the same period in 2018 was primarily due to:

• increased Net revenues, primarily from favorable vehicle mix and positive net price.

This was partially offset by:

• lower GAC FCA JV results, included within Other.

Nine months ended September 30, 2019

Shipments

The decrease in combined shipments in the nine months ended September 30, 2019 compared to the same period in 2018 was primarily due to lower GAC FCA JV volumes.

Consolidated shipments in the nine months ended September 30, 2019 were in line compared to the same period in 2018, primarily from increased Jeep Wrangler shipments offset by decreased Jeep Compass volumes.

Net revenues

The increase in APAC Net revenues in the nine months ended September 30, 2019 compared to the same period in 2018 was primarily due to favorable model mix, positive net pricing, mainly due to reduced incentives, and favorable foreign exchange effects.

25

Adjusted EBIT

The following chart reflects the change in APAC Adjusted EBIT by operational driver for the nine months ended September 30, 2019 compared to the same period in 2018.

The increase in APAC Adjusted EBIT in thenine months ended September 30, 2019compared to the same period in2018was primarily due to:

• favorable model mix;

• favorable net price from reduced incentives; and

• lower industrial and SG&A costs.

These were partially offset by:

• lower GAC FCA JV results, included within Other.

26

EMEA

						Increase/(Decrease)											Increase/(Decrease)
Three months ended September 30						2019 vs. 2018					Nine months ended September 30						2019 vs. 2018
2019			2018			% Actual		% CER			2019			2018			% Actual		% CER
270			281			(3.9	)%	—		Combined shipments (thousands of units)	960			1,056			(9.1	)%	—
260			273			(4.8	)%	—		Consolidated shipments (thousands of units)	919			1,014			(9.4	)%	—
€	4,660		€	4,955		(6.0	)%	(6.3	)%	Net revenues (€ million)	€	15,294		€	16,925		(9.6	)%	(10.0	)%
€	(55	)	€	(25	)	(120.0	)%	(124.2	)%	Adjusted EBIT (€ million)	€	(52	)	€	345		(115.1	)%	(111.3	)%
(1.2		)%	(0.5		)%	-70 bps		—		Adjusted EBIT margin (%)	(0.3		)%	2.0		%	-230 bps		—

Three months ended September 30, 2019

The Group's market share⁽¹⁾ in the European Union for the three months ended September 30, 2019, decreased90 bps to 5.9 percent from 6.8 percent in the same period in 2018.

Shipments

The decrease in EMEA combined and consolidated shipments in the three months ended September 30, 2019 compared to the same period in 2018 was primarily due to discontinuation of Fiat Punto and Alfa Romeo Mito, as well as lower Fiat brand volumes.

Net revenues

The decrease in EMEA Net revenues in the three months ended September 30, 2019 compared to the same period in 2018 was primarily due to lower volumes.

Adjusted EBIT

The following chart reflects the change in EMEA Adjusted EBIT by operational driver for the three months ended September 30, 2019 compared to the same period in 2018.

________________________________________________________________________________________________________________________________________________

(1) Our estimated market share data is presented based on the European Automobile Manufacturers Association (ACEA) Registration Databases and national Registration Offices databases.

27

The decrease in EMEA Adjusted EBIT in the three months ended September 30, 2019 compared to the same period in 2018 was primarily due to:

• lower volumes;

• negative net pricing; and

• increased compliance and product costs.

These were partially offset by:

• reduced advertising costs; and

• labor efficiencies resulting from restructuring actions.

Nine months ended September 30, 2019

Shipments

The decrease in EMEA combined and consolidated shipments in the nine months ended September 30, 2019 compared to the same period in 2018, was primarily due to planned optimization of sales channel mix, market conditions and discontinuation of Alfa Romeo Mito and Fiat Punto.

Net revenues

The decrease in EMEA Net revenues in the nine months ended September 30, 2019 compared to the same period in 2018, was primarily due to lower volumes.

Adjusted EBIT

The following chart reflects the change in EMEA Adjusted EBIT by operational driver for the nine months ended September 30, 2019 compared to the same period in 2018.

28

The decrease in EMEA Adjusted EBIT in the nine months ended September 30, 2019 compared to the same period in 2018 was primarily due to:

• lower volumes;

• negative net pricing; and

• increased compliance and product costs.

These were partially offset by:

• reduced advertising costs; and

• labor efficiencies from restructuring actions.

29

Maserati

						Increase/(Decrease)											Increase/(Decrease)
Three months ended September 30						2019 vs. 2018					Nine months ended September 30						2019 vs. 2018
2019			2018			% Actual		% CER			2019			2018			% Actual		% CER
4.6			8.8			(47.7	)%	—		Shipments (thousands of units)	14.3			26.0			(45.0	)%	—
€	394		€	631		(37.6	)%	(38.8	)%	Net revenues (€ million)	€	1,208		€	1,953		(38.1	)%	(39.4	)%
€	(51	)	€	15		(440.0	)%	(439.2	)%	Adjusted EBIT (€ million)	€	(159	)	€	103		(254.4	)%	(255.4	)%
(12.9		)%	2.4		%	-1530 bps		—		Adjusted EBIT margin (%)	(13.2		)%	5.3		%	-1850 bps		—

Three months ended September 30, 2019

Shipments

The decrease in Maserati shipments in the three months ended September 30, 2019 compared to the same period in 2018 was primarily due to lower sales and planned dealer stock reductions.

Net revenues

The decrease in Maserati Net revenues in the three months ended September 30, 2019 compared to the same period in 2018 was primarily due to lower volumes, partially offset by positive model and market mix.

Adjusted EBIT

The decrease in Maserati Adjusted EBIT in the three months ended September 30, 2019 compared to the same period in 2018 was primarily due to lower Net revenues.

Nine months ended September 30, 2019

Shipments

The decrease in Maserati shipments in the nine months ended September 30, 2019 compared to the same period in 2018 was mainly due to planned inventory management actions and dealer stock reductions.

Net revenues

The decrease in Maserati Net revenues in the nine months ended September 30, 2019 compared to the same period in 2018 was primarily due to lower volumes.

Adjusted EBIT

The decrease in Maserati Adjusted EBIT in the nine months ended September 30, 2019 compared to the same period in 2018 was primarily due to lower revenues and adjustments of residual values in the U.S.

30

Liquidity and Capital Resources

Available Liquidity

The following table summarizes our total available liquidity:

(€ million)	At September 30, 2019		At December 31, 2018
Cash, cash equivalents and current debt securities(1)	€	16,208	€	12,669
Undrawn committed credit lines(2)	7,575		7,728
Cash, cash equivalents and current debt securities - included within Assets held for sale	—		728
Available liquidity(3)	€	23,783	€	21,125

________________________________________________________________________________________________________________________________________________

(1) Current debt securities are comprised of short term or marketable securities which represent temporary investments that do not satisfy all the requirements to be classified as cash equivalents as they may not be readily convertible to cash or they are subject to significant risk of change in value (even if they are short-term in nature or marketable).

(2) Excludes the undrawn €0.1 billion long-term dedicated credit lines available to fund scheduled investments at September 30, 2019 (€0.1 billion was undrawn at December 31, 2018).

(3) The majority of our liquidity is available to our treasury operations in Europe and U.S.; however, liquidity is also available to certain subsidiaries which operate in other areas. Cash held in such countries may be subject to restrictions on transfer depending on the foreign jurisdictions in which these subsidiaries operate. Based on our review of such transfer restrictions in the countries in which we operate and maintain material cash balances, we do not believe such transfer restrictions had an adverse effect on the Group’s ability to meet its liquidity requirements at the dates above.

Available liquidity at September 30, 2019increased€2.7 billion from December 31, 2018 primarily as a result of the proceeds from the sale of Magneti Marelli of €5.8 billion, net of €0.4 billion cash held by Magneti Marelli at the time of the disposal, and €0.5 billion from positive foreign exchange translation differences, partially offset by €3.1 billion dividend payments.

Our available liquidity is subject to intra-month and seasonal fluctuations resulting from business and collection-payment cycles as well as to changes in foreign exchange conversion rates. Refer to the section — Cash Flows below for additional information regarding the change in cash and cash equivalents.

Our liquidity is principally denominated in U.S. Dollar and in Euro, with the remainder being distributed in various countries and denominated in the relevant local currencies. Out of the total cash, cash equivalents and current debt securities available at September 30, 2019, €10.7 billion, or 66.0 percent, were denominated in U.S. Dollar (€7.8 billion, or 58.2 percent, at December 31, 2018) and €2.0 billion, or 12.3 percent, were denominated in Euro (€1.9 billion, or 14.2 percent, at December 31, 2018).

At September 30, 2019, undrawn committed credit lines totaling €7.6 billion included the €6.25 billion syndicated revolving credit facility, as described below, and approximately €1.3 billion of other revolving credit facilities. At December 31, 2018, undrawn committed credit lines totaling €7.7 billion included the €6.25 billion syndicated revolving credit facility, as described below, and approximately €1.5 billion of other revolving credit facilities.

Medium Term Note Programme

In September 2019, the Group repaid a note at maturity with a principal amount of CHF 250 million (€230 million)that was issued through the Medium Term Note (“MTN”) Programme.

Revolving Credit Facilities

In March 2019, the Group amended its syndicated revolving credit facility originally signed in June 2015 and previously amended in March 2017 and March 2018 (as amended, the “RCF”). The amendment extended the RCF’s final maturity to March 2024. The RCF, which is available for general corporate purposes and for the working capital needs of the Group, is structured in two tranches: €3.125 billion with a 37-month tenor and two extension options of 1-year and of 11-months exercisable on the first and second anniversary of the amendment signing date, respectively; and €3.125 billion with a 60-month tenor. The amendment was accounted for as a debt modification and, as a result, the new costs associated with the March 2019 amendment as well as the remaining unamortized debt issuance costs related to the original €5.0 billion RCF and the previous March 2017 and 2018 amendments will be amortized over the life of the amended RCF.

31

Cash Flows

The following table summarizes the cash flows from operating, investing and financing activities for the nine months ended September 30, 2019 and 2018. Refer to our Interim Condensed Consolidated Statement of Cash Flows for the nine months ended September 30, 2019 and 2018 included elsewhere in this Interim Report for additional detail.

	Nine months ended September 30
(€ million)	2019(1)			2018(1)
Cash flows from operating activities - continuing operations	€	6,402		€	5,623
Cash flows (used in)/from operating activities - discontinued operations	(308		)	340
Cash flows used in investing activities - continuing operations	(5,284		)	(4,306		)
Cash flows from investing activities - net cash proceeds, disposal of discontinued operations(2)	5,348			—
Cash flows used in investing activities - discontinued operations	(155		)	(415		)
Cash flows used in financing activities - continuing operations	(4,062		)	(1,947		)
Cash flows (used in)/from financing activities - discontinued operations	325			(61		)
Translation exchange differences	539			54
Total change in cash and cash equivalents	2,805			(712		)
Cash and cash equivalents at beginning of the period	12,450			12,638
Add: cash and cash equivalents at beginning of the period - included with Assets held for sale	719			—
Total change in cash and cash equivalents	2,805			(712		)
Less: Cash and cash equivalents at end of the period - included within Assets held for sale	—