Exhibit 99.1

Interim Report

As of and for the three months ended March 31, 2020

TABLE OF CONTENTS

	Page
CERTAIN DEFINED TERMS	3
MANAGEMENT DISCUSSION AND ANALYSIS	5
COVID-19 update	5
Highlights	7
Non-GAAP Financial Measures	8
Group Results	10
Results by Segment	17
Liquidity and Capital Resources	24
Risks and Uncertainties	29
Outlook	30
INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AND NOTES AS OF AND FOR THE THREE MONTHS ENDED MARCH 31, 2020	31
Interim Condensed Consolidated Income Statement	32
Interim Condensed Consolidated Statement of Comprehensive Income	33
Interim Condensed Consolidated Statement of Financial Position	34
Interim Condensed Consolidated Statement of Cash Flows	35
Interim Condensed Consolidated Statement of Changes in Equity	36
Notes to the Interim Condensed Consolidated Financial Statements	37
1. Basis of preparation	37
2. Scope of consolidation	39
3. Net revenues	40
4. Net financial expenses	41
5. Tax expense	41
6. Goodwill and intangible assets with indefinite useful lives	42
7. Other intangible assets	43
8. Property, plant and equipment	44
9. Trade and other receivables	44
10. Inventories	45
11. Share-based compensation	45
12. Employee benefits liabilities	46
13. Provisions	46
14. Debt	47
15. Other liabilities	48
16. Fair value measurement	48
17. Related party transactions	51
18. Guarantees granted, commitments and contingent liabilities	51
19. Equity	54
20. Earnings per share	56
21. Segment reporting	57
22. Subsequent events	59

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 and its predecessor prior to the completion of the merger of Fiat S.p.A. with and into Fiat Investments N.V. on October 12, 2014 (the “2014 Merger”, at which time Fiat Investments N.V. was renamed Fiat Chrysler Automobiles N.V., or “FCA NV”), or any one or more of them, as the context may require. References to “Fiat” refer solely to the Fiat brand and “Fiat S.p.A.” refer to Fiat S.p.A., the predecessor of FCA NV prior to the 2014 Merger. References to “FCA US” refer to FCA US LLC, formerly known as Chrysler Group 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:

• the extent and duration of the COVID-19 pandemic’s impact on supply chains, the Group’s production and distribution channels, demand in the Group’s end markets, and the broader impact on financial markets and the global economy;

• our ability to launch 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 automated-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;

• our ability to complete, and realize expected synergies following completion of, our proposed merger with Peugeot S.A., including the expected cumulative implementation costs;

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

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• 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;

• our ability to realize anticipated benefits from joint venture arrangements in certain emerging markets;

• 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.

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MANAGEMENT DISCUSSION AND ANALYSIS

COVID-19 update

During the first quarter of 2020, the COVID-19 virus spread worldwide and was declared a pandemic by the World Health Organization on March 11, 2020. In response, many governments in affected jurisdictions imposed travel bans, quarantines and other emergency public safety measures. For example, governments have imposed restrictions on travel and the movement and gathering of people, as well as restrictions on economic activity. At May 5, 2020, many of these measures are still in place.

As the severity of the COVID-19 pandemic became apparent, FCA leadership took actions to protect our employees and communities, as well as strengthen our financial position and limit the impact on our financial performance.

The Group implemented a temporary suspension of production across its facilities: in APAC starting with China on January 23; in EMEA, starting with Italy from March 11; in Maserati beginning March 12; in North America phased-in progressively from March 18; and in LATAM on March 23. The Group also implemented remote working arrangements, where feasible, across all regions at various stages during the first quarter, and has restricted both domestic and international business travel since late February. These arrangements are structured to ensure continuation of critical activities, including, but not limited to, appropriate functioning of our internal controls and financial reporting systems and processes.

The Group has worked closely with all relevant stakeholders, including unions and dealer representatives, to develop and implement plans to restart production and vehicle sales once governments in various jurisdictions permit, including the development of enhanced sanitizing and health and safety procedures. On February 19 and February 24, 2020, production restarted at our GAC Fiat Chrysler Automobiles Co. joint venture plants in Guangzhou and Changsha, China, respectively. On April 27, 2020, production restarted at our Sevel joint venture plant in Atessa, Italy. Production in other regions will be phased in over a period of time and aligned to consumer demand. Return to work procedures for our offices and other facilities will also be phased in with expected continued widespread use of remote working practices.

During the quarter, the Group took several key actions to secure its liquidity and financial position, including drawing on existing bilateral lines of credit totaling €1.5 billion and securing an additional incremental bridge credit facility of €3.5 billion, structured as a bridge to capital markets, which was available to be drawn beginning in April. In addition, measures were taken to reduce cash outflows, including: a suspension of a significant number of capital expenditure programs; delaying non-essential spending; temporary lay-offs, salary cuts and deferrals; and significant reductions to marketing and other discretionary spend. On April 21, 2020, the Group drew down its €6.25 billion syndicated revolving credit facility, which was undrawn at March 31, 2020.

The Group has also taken actions to support the wider community in the countries in which we operate, including: producing protective masks for healthcare workers and first responders, with over one million shipped; in North America and EMEA working with medical equipment manufacturers to support production of ventilators, other medical equipment and personal protective equipment, such as Siare Engineering International Group (Bologna, Italy); in APAC the Group donated personal protective equipment and vehicles; Maserati provided funding scholarships at medical schools; in LATAM, FCA worked on the creation of a makeshift field hospital close to our plants in Brazil, with a further two under construction in Argentina and Brazil, the production of face shields, vehicle fleet support and engineering and production assistance for the manufacturing and servicing of ventilators.

On March 18, 2020, due to the continued uncertainty of market conditions and regional operating restrictions related to the evolving COVID-19 pandemic, the Group withdrew its FY 2020 Guidance and will provide an update when it is possible to have better visibility of the overall impact of the crisis and its impact on market conditions.

On April 3, 2020, FCA announced that the Annual General Meeting of the Company’s shareholders scheduled for April 16, 2020 will be postponed to late June 2020, including the postponement of the resolution on the proposed 2019 €1.1 billion ordinary dividend.

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Refer to the following sections for discussion of the related impacts on the results of the Group and mitigating actions taken to protect our workforce, support our communities and manage our liquidity:

• MANAGEMENT DISCUSSION AND ANALYSIS - Group Results

• MANAGEMENT DISCUSSION AND ANALYSIS - Results by Segment

• MANAGEMENT DISCUSSION AND ANALYSIS - Liquidity and Capital Resources

• Risks and Uncertainties

• Outlook

• Interim Condensed Consolidated Financial Statements

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Highlights - from continuing operations

Unless otherwise stated, all figures below exclude results from discontinued operations:

	Three months ended March 31,
(€ million, except shipments, which are in thousands of units, and per share amounts)	2020		2019
Combined shipments(1)	818		1,037
Consolidated shipments(2)	796		1,000
Net revenues	20,567		24,481
Adjusted EBIT(3)	52		1,067
Net (loss)/profit from continuing operations	(1,694	)	508
Adjusted net (loss)/profit(4)	(471	)	570
Profit from discontinued operations, net of tax	—		111
Net (loss)/profit (including discontinued operations)	(1,694	)	619
(Loss)/earnings per share - including discontinued operations(5)
Basic (loss)/earnings per share (€)	(1.08	)	0.40
Diluted (loss)/earnings per share (€)	(1.08	)	0.39
(Loss)/earnings per share from continuing operations(5)
Basic (loss)/earnings per share (€)	(1.08	)	0.33
Diluted (loss)/earnings per share (€)	(1.08	)	0.32
Adjusted diluted (loss)/earnings per share(6) (€)	(0.30	)	0.36

	Three months ended March 31,
(€ million)	2020			2019
Cash flows from operating activities	€	(2,820	)	€	699
Of which: Cash flows from continuing operations	(2,820		)	1,070
Of which: Cash flows (used in)/from discontinued operations(7)	—			(371		)
Industrial free cash flows(8)	(5,074		)	(270		)

________________________________________________________________________________________________________________________________________________

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

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

(7) For the three months ended March 31, 2019, includes only cash flows relating to third parties and excluding intercompany of €65 million.

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

Our former Magneti Marelli business was classified as a discontinued operation for the three months ended March 31, 2019, up to its deconsolidation on completion of the sale transaction on May 2, 2019. Refer to Note 2, Scope of consolidation in our Interim Condensed Consolidated Financial Statements elsewhere in this Interim Report for additional information.

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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 (loss)/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 (loss)/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 (loss)/profit is one of the metrics used in the determination of the annual performance bonus 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 (loss)/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 (loss)/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.

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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.

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Group Results

The following is a discussion of the Group's results of operations for the three months ended March 31, 2020 compared to the three months ended March 31, 2019.

	Three months ended March 31,
(€ million)	2020			2019
Net revenues	€	20,567		€	24,481
Cost of revenues	18,878			21,181
Selling, general and other costs	1,439			1,517
Research and development costs	933			673
Result from investments	42			58
Gains on disposal of investments	5			—
Restructuring costs	20			204
Net financial expenses	213			244
(Loss)/profit before taxes	(869		)	720
Tax expense	825			212
Net (loss)/profit from continuing operations	(1,694		)	508
Profit from discontinued operations, net of tax	—			111
Net (loss)/profit	€	(1,694	)	€	619
Net (loss)/profit attributable to:
Owners of the parent	€	(1,696	)	€	615
Non-controlling interests	€	2		€	4
Net (loss)/profit from continuing operations attributable to:
Owners of the parent	€	(1,696	)	€	509
Non-controlling interests	€	2		€	(1	)
Net profit from discontinued operations attributable to:
Owners of the parent	€	—		€	106
Non-controlling interests	€	—		€	5

COVID-19 impacts

The COVID-19 pandemic had significant negative impacts on FCA's results for the three months ended March 31, 2020. The contraction of global demand, temporary suspensions of production in all regions and closure of a majority of dealerships significantly contributed to reduced combined shipments, down 21%, with related reductions in both Net revenues and Cost of revenues of 16% and 11%, respectively. Selling, general and other costs, including reduced marketing expenses, were down 5%, due to lower volumes and mitigating actions. Adjusted EBIT, excluding pre-tax impairments of €0.6 billion, recorded within Cost of revenues and Research and development costs, and write-down of Deferred tax assets of €0.5 billion, remained positive for the quarter but decreased €1.0 billion as compared to the three months ended March 31, 2019. Industrial free cash outflows of €5.1 billion reflected negative working capital impacts of €3.5 billion, in part due to seasonality, and capital expenditures of €2.3 billion, up €1.0 billion, which occurred prior to the suspension of a significant number of capital expenditure programs.

Net revenues

					Increase/(Decrease)
	Three months ended March 31,				2020 vs. 2019
(€ million)	2020		2019		% Actual		% CER
Net revenues	€	20,567	€	24,481	(16.0	)%	(17.0	)%

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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).

Cost of revenues

							Increase/(Decrease)
	Three months ended March 31,						2020 vs. 2019
(€ million)	2020			2019			% Actual		% CER
Cost of revenues	€	18,878		€	21,181		(10.9	)%	(11.9	)%
Cost of revenues as % of Net revenues	91.8		%	86.5		%

The decrease in Cost of revenues during the three months ended March 31, 2020 compared to the corresponding period in 2019 was related to lower volumes across all segments, primarily due to the temporary suspension of production, partially offset by improved mix within North America.

As of March 31, 2020, the Group reviewed its business and operations to take into consideration the estimated impacts and effects of the COVID-19 pandemic, including the estimated impact on the macroeconomic environment, the market outlook and the Group’s operations. Using the updated information, we performed an assessment of the recoverability of certain of our assets as of March 31, 2020. Specifically, we reviewed our cash generating units (“CGUs”) and goodwill and intangible assets with indefinite useful lives for indicators of impairment. Certain CGUs, primarily those that were expected to be more sensitive to the current market outlook, in North America, EMEA, LATAM and Maserati segments, as well as goodwill allocated to EMEA and LATAM segments, were found to have indicators of impairment, and were therefore subject to impairment testing. As a result of this impairment testing, impairment charges totaling €450 million, primarily as a result of reduced volume expectations, were recognized on CGUs within the EMEA, LATAM and Maserati segments composed of €247 million of Property, plant and equipment recognized within Cost of revenues and €203 million of previously capitalized development costs recognized within Research and development costs. Of these charges, €178 million relates to the EMEA segment, €161 million relates to the LATAM segment, and €111 million relates to the Maserati segment, which is incremental to the impairment recognized in Maserati discussed below. No impairments of goodwill and intangible assets with indefinite useful lives were recognized. Refer to Note 6, Goodwill and intangible assets with indefinite useful lives, in the Interim Condensed Consolidated Financial Statements included elsewhere in this Interim Report, for further information.

In addition to the impairments discussed above, during the three months ended March 31, 2020, certain assets within the Maserati segment were impaired in connection with decisions that were made regarding the planned utilization of certain assembly assets to more efficiently utilize the Group's manufacturing capacity as part of the implementation of the previously announced Maserati product renewal activities. As a result of these decisions, impairment charges were recognized totaling €177 million, composed of €85 million of Property, plant and equipment recognized within Cost of revenues and €92 million of previously capitalized development expenditures recognized within Research and development costs. Impairment expense of €16 million was also recognized in North America for assets which had become idle during the period.

Included within Cost of revenues for the three months ended March 31, 2020 and 2019 were amounts of €207 million and €170 million, respectively, which represent the accrual of regulatory expenses and the utilization of regulatory credits, primarily in North America and EMEA.

Cost of revenues also includes significant costs that contribute to regulatory compliance but 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” included within our 2019 Annual Report and Form 20-F.

Selling, general and other costs

							Increase/(Decrease)
	Three months ended March 31,						2020 vs. 2019
(€ million)	2020			2019			% Actual		% CER
Selling, general and other costs	€	1,439		€	1,517		(5.1	)%	(5.6	)%
Selling, general and other costs as % of Net revenues	7.0		%	6.2		%

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Selling, general and other costs includes advertising, personnel and other costs. The decrease in Selling, general and other costs during the three months ended March 31, 2020, compared to the corresponding period in 2019 was primarily due to lower advertising expenses in all segments from lower market demand as a result of COVID-19 and cost containment actions taken in response to it.

Advertising costs accounted for 46.2 percent and 47.2 percent of total Selling, general and other costs for the three months ended March 31, 2020 and 2019, respectively.

Research and development costs

					Increase/(Decrease)
	Three months ended March 31,				2020 vs. 2019
(€ million)	2020		2019		% Actual		% CER
Research and development expenditures expensed	€	320	€	310	3.2	%	1.3	%
Amortization of capitalized development expenditures	318		347		(8.4	)%	(8.6	)%
Impairment and write-off of capitalized development expenditures	295		16		n.m.		n.m.
Total Research and development costs	€	933	€	673	38.6	%	37.6	%

________________________________________________________________________________________________________________________________________________

n.m. = number not meaningful

	Three months ended March 31,
	2020		2019
Research and development expenditures expensed as % of Net revenues	1.6	%	1.3	%
Amortization of capitalized development expenditures as % of Net revenues	1.5	%	1.4	%
Impairment and write-off of capitalized development expenditures as % of Net revenues	1.4	%	0.1	%
Total Research and development cost as % of Net revenues	4.5	%	2.7	%

The increase in total Research and development costs during the three months ended March 31, 2020, as compared to the same period in 2019 was primarily due to the impact of impairment charges of previously capitalized development costs (refer to Cost of Revenues above).

The increase in the Research and development expenditures expensed during the three months ended March 31, 2020 as compared to the same period in 2019 was primarily due to foreign exchange impacts from the U.S. Dollar.

The decrease in the Amortization of capitalized development costs during the three months ended March 31, 2020 as compared to the same period in 2019, was primarily due to the recognition of asset impairment charges on certain platforms during the three months ended September 30, 2019.

Total research and development expenditures during the three months ended March 31, 2020 and 2019 were as follows:

	Three months ended March 31,						Increase/(Decrease)
(€ million)	2020			2019			2020 vs. 2019
Capitalized development expenditures	€	677		€	605		11.9	%
Research and development expenditures expensed	320			310			3.2	%
Total Research and development expenditures	€	997		€	915		9.0	%
Capitalized development expenditures as % of Total Research and development expenditures	67.9		%	66.1		%
Total Research and development expenditures as % of Net revenues	4.8		%	3.7		%

The increase in total Research and development expenditures during the three months ended March 31, 2020 compared to the corresponding period in 2019 reflects spending for the development of new models prior to the suspension of a significant number of capital expenditure programs in response to the COVID-19 pandemic, as referred to above.

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Net financial expenses

	Three months ended March 31,				Increase/(Decrease)
(€ million)	2020		2019		2020 vs. 2019
Net financial expenses	€	213	€	244	(12.7	)%

The decrease in Net financial expenses during the three months ended March 31, 2020 compared to the corresponding period in 2019 was primarily due to lower interest expense from the average reduction in gross debt and the reduction in pension interest expense from lower interest rates.

Tax expense

	Three months ended March 31,						Increase/(Decrease)
(€ million)	2020			2019			2020 vs. 2019
Tax expense	€	825		€	212		289.2	%
Effective tax rate	(94.9		)%	29.4		%

The effective tax rate was (94.9) percent and 29.4 percent for the three months ended March 31, 2020 and 2019, respectively.

The change in the effective tax rate during the three months ended March 31, 2020, compared to the corresponding period in 2019, primarily related to a decrease in profit before tax, increase in unrecognized deferred tax assets, adjustments to deferred tax liabilities and the write-down of deferred tax assets, as described below.

During the three months ended March 31, 2020, the Group reviewed its business and operations to take into consideration the estimated impacts and effects of the COVID-19 pandemic, including the estimated impact on the macroeconomic environment, the market outlook and the Group’s operations. As such, the Group assessed its ability to generate sufficient taxable income in the future that will allow realization of net deferred tax assets in Italy and Brazil, primarily in relation to tax loss carry-forwards in each respective country. As a result of this assessment, a write-down of €549 million of deferred tax assets was recorded for the three months ended March 31, 2020. Of this write-down, €446 million primarily related to Italian tax loss carry-forwards and €103 million related to Brazilian tax loss carry-forwards.

Net (loss)/profit from continuing operations

	Three months ended March 31,					Increase/(Decrease)
(€ million)	2020			2019		2020 vs. 2019
Net (loss)/profit from continuing operations	€	(1,694	)	€	508	(433.5	)%

The change from Net profit to Net (loss) from continuing operations during the three months ended March 31, 2020, compared to the corresponding period in 2019 was primarily due to lower operating results across all segments relating to the COVID-19 pandemic, pre-tax impact of €643 million impairment of assets (refer to Cost of revenues above) and the impact of impairment of deferred tax assets in Italy and Brazil, referred to above.

Profit from discontinued operations, net of tax

	Three months ended March 31,				Increase/(Decrease)
(€ million)	2020		2019		2020 vs. 2019
Profit from discontinued operations, net of tax	€	—	€	111	n.m.

________________________________________________________________________________________________________________________________________________

n.m. = number not meaningful

Magneti Marelli was presented as a discontinued operation in the Interim Condensed Consolidated Financial Statements for the three months ended March 31, 2019. For more information, refer to Note 2, Scope of consolidation, within our Interim Condensed Consolidated Financial Statements included elsewhere in this Interim Report.

13

Adjusted EBIT

							Increase/(Decrease)
	Three months ended March 31,						2020 vs. 2019
(€ million)	2020			2019			% Actual		% CER
Adjusted EBIT	€	52		€	1,067		(95.1	)%	(97.1	)%
Adjusted EBIT margin (%)	0.3		%	4.4		%	-410 bps

The following chart presents the change in Adjusted EBIT by segment for the three months ended March 31, 2020 compared to the corresponding period in 2019.

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).

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 March 31,
(€ million)	2020			2019
Net (loss)/profit from continuing operations	€	(1,694	)	€	508
Tax expense	825			212
Net financial expenses	213			244
Adjustments:
Impairment expense and supplier obligations	643			42
Restructuring costs, net of reversals	20			204
Gains on disposal of investments	(5		)	—
Brazilian indirect tax - reversal of liability/recognition of credits	—			(164		)
Other	50			21
Total Adjustments	708			103
Adjusted EBIT	€	52		€	1,067

14

During the three months ended March 31, 2020, Adjusted EBIT excluded adjustments primarily related to:

• €643 million of impairment expense, of which €450 million related to impairments of CGUs in EMEA, LATAM and Maserati, €177 million related to impairments of certain assets in Maserati, and €16 million related to asset impairments in North America, as described in Cost of revenues and Research and development costs above;

• €20 million of restructuring costs, mainly related to LATAM, related to the recognition of provisions for workforce restructuring (refer to Note 13, Provisions, in the Interim Condensed Consolidated Financial Statements included elsewhere in this report); and

• €50 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 three months ended March 31, 2019, Adjusted EBIT excluded adjustments primarily related to:

• €204 million of restructuring costs, primarily related to LATAM, EMEA and North America, of which €77 million related to the write-down of Property, plant and equipment and €127 million related to the recognition of provisions for restructuring;

• €42 million relating to impairment expense of €36 million in North America and supplier obligations of €6 million in EMEA; and

• €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 Consolidation Financial Statements included elsewhere in this report).

Adjusted net (loss)/profit

	Three months ended March 31,					Increase/(Decrease)
(€ million)	2020			2019		2020 vs. 2019
Adjusted net (loss)/profit	€	(471	)	€	570	(182.6	)%

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 (loss)/profit:

	Three months ended March 31,
(€ million)	2020			2019
Net (loss)/profit from continuing operations	€	(1,694	)	€	508
Adjustments (as above)	708			103
Tax impact on adjustments	(34		)	(41		)
Net derecognition of deferred tax assets and other tax adjustments	549			—
Total adjustments, net of taxes	1,223			62
Adjusted net (loss)/profit	€	(471	)	€	570

During the three months ended March 31, 2020, Adjusted net (loss)/profit excluded adjustments related to:

• €34 million benefit reflecting the tax impact on the items excluded from Adjusted EBIT above; and

• €549 million loss from write-down of deferred tax assets in Italy and Brazil as the Group reviewed its business and operations to take into consideration the potential impacts and effects of the COVID-19 pandemic, including the estimated impact on economic and market outlook.

15

During the three months ended March 31, 2019, Adjusted net (loss)/profit excluded adjustments related to:

• €41 million benefit reflecting the tax impact on the items excluded from Adjusted EBIT above.

Adjusted diluted (loss)/earnings per share

	Three months ended March 31,					Increase/(Decrease)
(€ per share)	2020			2019		2020 vs. 2019
Adjusted diluted (loss)/earnings per share	€	(0.30	)	€	0.36	(183.3	)%

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 (loss)/earnings per share:

	Three months ended March 31,
(€ per share except otherwise noted)	2020			2019
Diluted (loss)/earnings per share from continuing operations	€	(1.08	)	€	0.32
Impact of adjustments above, net of taxes, on Diluted (loss)/earnings per share from continuing operations	0.78			0.04
Adjusted diluted (loss)/earnings per share	€	(0.30	)	€	0.36
Weighted average number of shares outstanding for Diluted (loss)/earnings per share from continuing operations (thousand)	1,568,001			1,569,868

16

Results by Segment

	Net revenues						Adjusted EBIT						Consolidated Shipments
	Three months ended March 31,
(€ million, except shipments which are in thousands of units)	2020			2019			2020			2019			2020	2019
North America	€	14,541		€	16,057		€	548		€	1,044		469	556
LATAM	1,322			1,932			(27		)	105			106	120
APAC	466			592			(59		)	(9		)	13	17
EMEA	3,732			5,070			(270		)	(19		)	205	302
Maserati	254			471			(75		)	11			3	5
Other activities	561			671			(75		)	(50		)	—	—
Unallocated items & eliminations(1)	(309		)	(312		)	10			(15		)	—	—
Total	€	20,567		€	24,481		€	52		€	1,067		796	1,000

____________________________________________________________________________________________________________________________________________

(1) 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 months ended March 31, 2020 as compared to the three months ended March 31, 2019. 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)
	Three months ended March 31,						2020 vs. 2019
	2020			2019			% Actual		% CER
Shipments (thousands of units)	469			556			(15.6	)%	—
Net revenues (€ million)	€	14,541		€	16,057		(9.4	)%	(12.0	)%
Adjusted EBIT (€ million)	€	548		€	1,044		(47.5	)%	(49.5	)%
Adjusted EBIT margin (%)	3.8		%	6.5		%	-270 bps		—

Three months ended March 31, 2020

The Group's market share⁽¹⁾ in North America of 12.0 percent for the three months ended March 31, 2020 reflected an increase of 40 bps from 11.6 percent in the same period in 2019. The U.S. market share⁽¹⁾ of 12.5 percent reflected an increase of 40 bps from 12.1 percent in the same period in 2019.

Shipments

The decrease in North America shipments in the three months ended March 31, 2020 compared to the same period in 2019 was primarily due to temporary suspension of production, starting progressively from March 18.

Net revenues

The decrease in North America Net revenues in the three months ended March 31, 2020 compared to the same period in 2019 was primarily due to lower shipments partially offset by positive vehicle mix and favorable foreign exchange translation effects.

Adjusted EBIT

The following chart reflects the change in North America Adjusted EBIT by operational driver for the three months ended March 31, 2020 compared to the same period in 2019.

The decrease in North America Adjusted EBIT in the three months ended March 31, 2020 compared to the same period in 2019 was primarily due to lower Net revenues, as well as higher warranty and logistics costs, partially offset by purchasing savings.

_______________________________________________________________________________________________________________________________________________

(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

LATAM

							Increase/(Decrease)
	Three months ended March 31,						2020 vs. 2019
	2020			2019			% Actual		% CER
Shipments (thousands of units)	106			120			(11.7	)%	—
Net revenues (€ million)	€	1,322		€	1,932		(31.6	)%	(22.6	)%
Adjusted EBIT (€ million)	€	(27	)	€	105		(125.7	)%	(132.7	)%
Adjusted EBIT margin (%)	(2.0		)%	5.4		%	-740 bps		—

Three months ended March 31, 2020

The Group's market share⁽¹⁾ in LATAM increased70 bps to 14.2 percent for the three months ended March 31, 2020 from 13.5 percent in the same period in 2019. The Group's market share in Brazil and Argentina for the three months ended March 31, 2020increased70 bps to 19.3 percent from 18.6 percent and increased300 bps to 15.0 percent from 12.0 percent, respectively, compared to the corresponding period in 2019.

Shipments

The decrease in LATAM shipments in the three months ended March 31, 2020 compared to the same period in 2019 was primarily due to temporary suspension of production on March 23.

Net revenues

The decrease in LATAM Net revenues in the three months ended March 31, 2020 compared to the same period in 2019 was primarily due to lower shipments, non-repeat of prior year one-off recognition of credits related to indirect taxes, as well as negative foreign exchange impacts from weakening of the Brazilian Real.

Adjusted EBIT

The following chart reflects the change in LATAM Adjusted EBIT by operational driver for the three months ended March 31, 2020 compared to the same period in 2019.

The decrease in LATAM Adjusted EBIT in the three months ended March 31, 2020 compared to the same period in 2019 was primarily due to lower Net revenues and purchasing cost inflation.

________________________________________________________________________________________________________________________________________________

(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.

19

APAC

							Increase/(Decrease)
	Three months ended March 31,						2020 vs. 2019
	2020			2019			% Actual		% CER
Combined shipments (thousands of units)	20			39			(48.7	)%	—
Consolidated shipments (thousands of units)	13			17			(23.5	)%	—
Net revenues (€ million)	€	466		€	592		(21.3	)%	(21.9	)%
Adjusted EBIT (€ million)	€	(59	)	€	(9	)	(555.6	)%	(561.5	)%
Adjusted EBIT margin (%)	(12.7		)%	(1.5		)%	-1120 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 March 31, 2020

Shipments

The decrease in combined shipments in the three months ended March 31, 2020 compared to the same period in 2019 was primarily due to temporary suspension of local production beginning January 23 in China and disruption to market demand throughout the region.

The decrease in consolidated shipments in the three months ended March 31, 2020 compared to the same period in 2019 was primarily due to reduced Jeep Compass volumes.

Net revenues

The decrease in APAC Net revenues in the three months ended March 31, 2020 compared to the same period in 2019 was primarily due to lower shipments and component sales to China JV.

20

Adjusted EBIT

The following chart reflects the change in APAC Adjusted EBIT by operational driver for the three months ended March 31, 2020 compared to the same period in 2019.

The decrease in APAC Adjusted EBIT in the three months ended March 31, 2020 compared to the same period in 2019 was primarily due to:

• lower Net revenues;

• higher manufacturing costs; and

• lower GAC FCA JV results, included within Other.

These were partially offset by:

• lower marketing costs.

EMEA

							Increase/(Decrease)
	Three months ended March 31,						2020 vs. 2019
	2020			2019			% Actual		% CER
Combined shipments (thousands of units)	220			317			(30.6	)%	—
Consolidated shipments (thousands of units)	205			302			(32.1	)%	—
Net revenues (€ million)	€	3,732		€	5,070		(26.4	)%	(26.5	)%
Adjusted EBIT (€ million)	€	(270	)	€	(19	)	n.m.		n.m.
Adjusted EBIT margin (%)	(7.2		)%	(0.4		)%	-680 bps		—

________________________________________________________________________________________________________________________________________________

n.m. = number not meaningful

Three months ended March 31, 2020

The Group's market share⁽¹⁾ in the European Union for the three months ended March 31, 2020, decreased70 bps to 5.9 percent from 6.6 percent in the same period in 2019.

_______________________________________________________________________________________________________________________________________________

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

21

Shipments

The decrease in EMEA combined and consolidated shipments in the three months ended March 31, 2020 compared to the same period in 2019 was primarily due to temporary suspension of production beginning March 11 and temporary closure of the majority of dealerships in the region.

Net revenues

The decrease in EMEA Net revenues in the three months ended March 31, 2020 compared to the same period in 2019 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 March 31, 2020 compared to the same period in 2019.

The decrease in EMEA Adjusted EBIT in the three months ended March 31, 2020 compared to the same period in 2019 was primarily due to:

• lower volumes;

• unfavorable mix; and

• increased compliance costs.

These were partially offset by

• lower fixed costs from cost containment and restructuring actions implemented in prior periods;

• lower depreciation and amortization; and

• reduced advertising costs.

22

Maserati

							Increase/(Decrease)
	Three months ended March 31,						2020 vs. 2019
	2020			2019			% Actual		% CER
Shipments (thousands of units)	3.1			5.5			(43.6	)%	—
Net revenues (€ million)	€	254		€	471		(46.1	)%	(46.8	)%
Adjusted EBIT (€ million)	€	(75	)	€	11		(781.8	)%	(778.2	)%
Adjusted EBIT margin (%)	(29.5		)%	2.3		%	-3180 bps		—

Three months ended March 31, 2020

Shipments

The decrease in Maserati shipments in the three months ended March 31, 2020 compared to the same period in 2019 was primarily due to market disruption, particularly in China and Europe, and temporary suspension of production beginning March 12.

Net revenues

The decrease in Maserati Net revenues in the three months ended March 31, 2020 compared to the same period in 2019 was primarily due to decreased shipments and unfavorable market and model mix.

Adjusted EBIT

The decrease in Maserati Adjusted EBIT in the three months ended March 31, 2020 compared to the same period in 2019 was primarily due to lower Net revenues.

23

Liquidity and Capital Resources

COVID-19 Liquidity actions

During the quarter, the Group took several key actions to secure its liquidity and financial position, including drawing on existing bilateral lines of credit totaling €1.5 billion and securing an additional incremental bridge credit facility of €3.5 billion, structured as a bridge to capital markets, which was available to be drawn beginning in April. In addition, measures were taken to reduce cash outflows, including: a suspension of a significant number of capital expenditure programs; delaying non-essential spending; temporary lay-offs, salary cuts and deferrals; and significant reductions to marketing and other discretionary spend. On April 21, 2020, the Group drew down its €6.25 billion syndicated revolving credit facility, which was undrawn at March 31, 2020.

Available Liquidity

The following table summarizes our total Available liquidity:

(€ million)	At March 31, 2020		At December 31, 2019
Cash, cash equivalents and current debt securities(1)	€	12,303	€	15,494
Undrawn committed credit lines(2)	6,250		7,575
Cash, cash equivalents and current debt securities - included within Assets held for sale	14		17
Available liquidity(3)	€	18,567	€	23,086

________________________________________________________________________________________________________________________________________________

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

(2) Undrawn committed credit lines does not include the €3.5 billion Incremental Bridge Credit Facility entered into in March 2020 and available from April 2020, as described below.

(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 countries. 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 impact on the Group’s ability to meet its liquidity requirements at the dates presented above.

Available liquidity at March 31, 2020decreased€4.5 billion from December 31, 2019 primarily as a result of cash absorption from initial negative working capital movements attributable to the COVID-19 related production shutdowns, normal negative seasonality, as well as capital expenditures during the quarter.

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. Moreover, we tend to operate with negative working capital as we generally receive payment for vehicles within a few days of shipment, whereas there is a lag between the time when parts and materials are received from suppliers and when we pay for such parts and materials; therefore, in periods in which our vehicle shipments decline materially we will suffer a significant negative impact on cash flow and liquidity as we continue to pay suppliers for components purchased in a high volume environment during a period in which we receive lower proceeds from vehicle shipments. Plant shutdowns, whether associated with model year changeovers, or other factors such as temporary supplier interruptions or government-imposed restrictions, such as we have experienced in response to the COVID-19 pandemic, can have a significant negative impact on our revenues and working capital as we continue to pay suppliers while we do not receive proceeds from vehicle sales. 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 March 31, 2020, €6.2 billion, or 50.4 percent, were denominated in U.S. Dollar (€9.3 billion, or 60.0 percent, at December 31, 2019) and €2.9 billion, or 23.6 percent, were denominated in Euro (€2.0 billion, or 12.9 percent, at December 31, 2019).

At March 31, 2020, undrawn committed credit lines consisted of the Group's €6.25 billion syndicated revolving credit facility. At December 31, 2019, undrawn committed credit lines available totaling €7.6 billion included the €6.25 billion syndicated revolving credit facility and €1.3 billion of other bilateral revolving lines of credit.

24

Based on past performance and current expectations, including expectations regarding production restarts, we believe that our available liquidity will be sufficient to meet our future operating cash needs. Our available cash and committed credit facilities provide additional sources of liquidity to fund current operations, debt maturities, and future investment opportunities. However, we continue to assess all funding options and expect to access funding as and when available on reasonable terms to further strengthen our balance sheet and enhance our liquidity to optimize our financial flexibility.  

The Company was in compliance with all of its debt covenants at March 31, 2020 and currently expects continued compliance with debt covenants; however, events resulting from the effects of COVID-19 may negatively impact the Company’s ability to comply with these covenants or require the Company to pursue alternative financing.

European Investment Bank Borrowings

On March 18, 2020, the Group announced that it entered into an agreement for a€300 millionfive-year loan with the European Investment Bank (“EIB”) to support specific investments to be implemented by FCA through 2021. The investments are primarily to support the manufacturing deployment of the advanced vehicle powertrain electrification technologies and, in particular, the setup of production lines for the manufacturing of plug-in hybrid electric vehicles (PHEVs) at FCA’s production plant in Melfi (Italy) and the manufacturing of battery electric vehicles (BEV) at the production plant in Mirafiori (Italy). The loan was fully drawn on March 26, 2020.

Incremental Bridge Credit Facility

On March 26, 2020, the Group announced that it had entered into a new credit facility (the “Bridge Credit Facility”). The Bridge Credit Facility, initially entered into with two banks and then successfully syndicated to thirteen banks, including the two original underwriting banks, will be available for general corporate purposes and for working capital needs of the Group and is structured as a bridge facility to capital markets. The Bridge Credit Facility may be drawn in a single tranche of €3.5 billion, with an initial 12-month term which can be extended at the Company’s option for an additional 6-month term on the first anniversary of the signing. The covenants of the Bridge Credit Facility include financial covenants as well as negative pledge, pari passu, cross-default and change of control clauses. Failure to comply with these covenants, and in certain cases if not suitably remedied, can lead to the requirement of early repayment of any outstanding amounts. The Bridge Credit Facility was not included within Available Liquidity at March 31, 2020, pending the completion of the conditions precedent agreed for drawdown, being the earlier of syndication or sixty days. On April 14, 2020, the Group announced completion of syndication.

Other revolving lines of credit

During the three months ended March 31, 2020, the Group drew down on existing bilateral revolving lines of credit totaling €1.5 billion.

Revolving Credit Facilities

On March 26, 2020, the tenor of the three year Tranche A of the Group's €6.25 billion revolving credit facility, for Euro €3.125 billion, was extended by one year to April 27, 2023.On April 21, 2020, the Group announced that, in light of the continuing uncertainty relating to the impacts of COVID-19, it had drawn down its €6.25 billion revolving credit facility originally signed in June 2015 and last amended in March 2019. The facility was included within Available liquidity at March 31, 2020.

Rating agency updates

On March 25, 2020, Moody’s Investors Service placed the Ba1 Corporate Family Rating on FCA NV and the Ba2 ratings on the senior unsecured instruments issued or guaranteed by FCA NV under review with direction uncertain.

25

Cash Flows

The following table summarizes the cash flows from operating, investing and financing activities for the three months ended March 31, 2020 and 2019. Refer to our Interim Condensed Consolidated Statement of Cash Flows for the three months ended March 31, 2020 and 2019 included elsewhere in this Interim Report for additional detail.

	Three months ended March 31,
(€ million)	2020			2019(1)
Cash flows (used in)/from operating activities - continuing operations	€	(2,820	)	€	1,070
Cash flows used in operating activities - discontinued operations	—			(371		)
Cash flows used in investing activities - continuing operations	(1,379		)	(853		)
Cash flows used in investing activities - discontinued operations	—			(113		)
Cash flows from/(used in) financing activities - continuing operations	1,324			(763		)
Cash flows used in financing activities - discontinued operations	—			(48		)
Translation exchange differences	(7		)	231
Total change in cash and cash equivalents	(2,882		)	(847		)
Cash and cash equivalents at beginning of the period	15,014			12,450
Add: cash and cash equivalents at beginning of the period - included with Assets held for sale(2)	17			719
Total change in cash and cash equivalents	(2,882		)	(847		)
Less: Cash and cash equivalents at end of the period - included within Assets held for sale(2)	15			418
Cash and cash equivalents at end of the period	€	12,134		€	11,904

________________________________________________________________________________________________________________________________________________

(1) Magneti Marelli operating results and cash flows were excluded from the Group's continuing operations and are presented as a single line item within the Consolidated Income Statements and Consolidated Statement of Cash Flows for the three months ended March 31, 2019, following the classification of Magneti Marelli as a discontinued operation and for the four months prior to the completion of the disposal on May 2, 2019. The assets and liabilities of Magneti Marelli have been classified as Assets held for sale and Liabilities held for sale within the Consolidated Statement of Financial Position at March 31, 2019. All amounts presented above exclude net intercompany amounts (received by)/paid by Magneti Marelli to/from the Group totaling €65 million within operating activities, €(3) million within investing activities and €(288) million within financing activities for the three months ended March 31, 2019.

(2)The assets and liabilities of the cast iron automotive components business of Teksid were classified as Assets held for sale and Liabilities held for sale within the Interim Condensed Consolidated Statements of Financial Position at March 31, 2020 and at December 31, 2019. Refer to Note 2, Scope of consolidation within our Consolidated Financial Statements included elsewhere in this report. The assets and liabilities of Magneti Marelli were classified as Assets held for sale and Liabilities held for sale within the Interim Condensed Consolidated Statements of Financial Position at March 31, 2019 and December 31, 2018.

Operating Activities

For the three months ended March 31, 2020, cash used in operating activities was the result of Net loss from continuing operations of €1,694 million primarily adjusted: (1) to add back €1,335 million for depreciation and amortization expense, (2) €643 million of impairments (refer to Cost of revenues and Research and development costs above), (3) a €734 million change in deferred taxes primarily relating to write-down of deferred tax assets in Italy and Brazil, referred to above, (4) a €464 million net decrease in provisions, primarily as a result of lower warranty and sales incentive provisions in North America in response to lower shipments, and (5) for the negative effect of the change in working capital of €3,553 million, which includes (i) a decrease of €1,093 million in trade payables primarily due to reduced March 2020 production levels, with plant shutdowns in North America and EMEA in response to the COVID-19 pandemic, (ii) an increase of €1,781 million in inventories reflecting, in addition to the seasonal build-up, the decrease in shipments due to disrupted global demand as a result of the COVID-19 pandemic, and (iii) a decrease of €956 million in other liabilities and payables net of other receivables, reflecting primarily a decrease in payables to employees and for purchases of regulatory credits in North America, as well as an increase in indirect taxes receivables net in EMEA and LATAM, partially offset by (iv) a decrease in trade receivables of €277 million due to lower shipments.

26

For the three months ended March 31, 2019, cash flows from operating activities was the result of Net profit from continuing operations of €508 million primarily adjusted: (1) to add back €1,383 million for depreciation and amortization expense, (2) a €54 million change in deferred taxes, (3) a €201 million net increase in provisions, primarily due to restructuring in LATAM, EMEA and North America, (4) €371 million of cash used by operating activities of discontinued operations and (5) for the negative effect of the change in working capital of €651 million, which was primarily driven by (i) an increase of €792 million in inventories mainly due increased volumes of production in North America in January to March 2019 as compared to October to December 2018, (ii) an increase of €244 million in trade receivables, (iii) an increase of €85 million in other receivables net of other liabilities and payables, mainly due to an increase in indirect tax receivables, which were partially offset by (iv) an increase of €470 million in trade payables due to increased production volumes in North America compared to October to December 2018, partially offset by a seasonal decrease in EMEA.

Investing Activities

For the three months ended March 31, 2020, cash used in investing activities was primarily the result of (1) €2,327 million of capital expenditures, including €677 million of capitalized development expenditures, partially offset by (2) a decrease in receivables from financing activities of €615 million, which was mainly attributable to lower volumes of dealer financing in EMEA and LATAM.

For the three months ended March 31, 2019, cash used in investing activities was primarily the result of €1,376 million of capital expenditures, including €605 million of capitalized development expenditures, partially offset by a decrease in receivables from financing activities of €578 million, which was mainly attributable to lower volumes of dealer financing in EMEA and LATAM, in addition to lower volumes of factoring transactions, and €113 million of cash flows used by discontinued operations.

Financing Activities

For the three months ended March 31, 2020, cash flows from financing activities resulted primarily from the €1.5 billion draw down of existing bilateral lines of credit and the €300 million loan with European Investment Bank announced on March 18, 2020, partially offset by the repayment of other long-term and short-term debt and other financial assets/liabilities. Refer to Note 14, Debt, in the Interim Condensed Consolidated Financial Statements included elsewhere in this report, for further information.

For the three months ended March 31, 2019, cash used in financing activities was primarily the result of the repayment of debt in Brazil and reduced funding needs for financial services (in relation to reduced receivable portfolio outstanding).

27

Industrial free cash flows

The following table provides a reconciliation of Cash flows from operating activities, the most directly comparable measure included in our Interim Condensed Consolidated Statement of Cash Flows, to Industrial free cash flows for the three months ended March 31, 2020 and 2019:

	Three months ended March 31,
(€ million)	2020			2019
Cash flows from operating activities	€	(2,820	)	€	699
Less: Cash flows from operating activities - discontinued operations	—			(371		)
Cash flows from operating activities - continuing operations	(2,820		)	1,070
Less: Operating activities not attributable to industrial activities	(5		)	29
Less: Capital expenditures for industrial activities	2,327			1,376
Add: Net intercompany payments between continuing operations and discontinued operations	—			65
Add: Discretionary pension contribution, net of tax	68			—
Industrial free cash flows	€	(5,074	)	€	(270	)

For the three months ended March 31, 2020 Industrial free cash flows from continuing operations decreased by €4.8 billion as compared to the same period in 2019, primarily reflecting negative working capital impacts, as referred to above, and increased capital expenditures to support new product development, prior to the suspension of a significant number of capital expenditure programs referred to above.

28

Risks and Uncertainties

Except as noted below, the Group believes that the risks and uncertainties identified for the three months ended March 31, 2020 are in line with the main risks and uncertainties to which the Group is exposed and that were identified and discussed in the section Risk Management-Risk Factors in the Group's Annual Report and Form 20-F for the year ended December 31, 2019 filed with the SEC and AFM on February 25 and February 26, 2020, respectively, (the “Annual Report”). Those risks and uncertainties should be read in conjunction with this Interim Report.

The following risk factor supplements the risk factors identified and discussed in the section Risk Management-Risk Factors of the Annual Report:

The impact of the COVID-19 pandemic and the measures taken to contain the spread of the virus have had, and are expected to continue to have, a material adverse impact on our business, results of operations and financial condition.

The emergence of the COVID-19 pandemic has caused governments in affected jurisdictions worldwide to take extraordinary actions, including imposing travel bans, quarantines, shelter-in-place orders, bans on public gatherings, restrictions on economic activities, and other emergency public safety measures. These measures, though expected to be temporary, will adversely affect our business, results of operations and financial condition.

In addition to disrupting supply chains globally, these measures have had a significant and immediate effect on demand for vehicles generally as well as on our shipments to dealers, as a majority of our dealers have temporarily closed. In order to respond to the interruption of market demand by ensuring optimization of supply, beginning March 11, 2020, we temporarily suspended production across a majority of our European manufacturing plants. On March 18, 2020, we announced that we would cease production at our plants across North America, starting progressively from that date and we suspended production in LATAM on March 23.

The ultimate impact of the pandemic on our business, results of operations and financial condition will depend on numerous evolving factors and future developments that we are not able to predict, including the ultimate duration, spread and severity of the outbreak; the ultimate extent and duration of the effect on the global economy; and how quickly and to what extent normal economic and operating conditions can resume.

If the pandemic is prolonged or continues to spread geographically, it could amplify the significant negative impacts on our business, results of operations and financial condition, and may increase other risks to which we are subject. It is also possible that adverse impacts of the pandemic and containment measures may continue once the pandemic is controlled and the containment measures are lifted, including possibly significantly reduced demand in affected automobile markets, as well as increased production costs and lower productivity due to changes in plant operating protocols for both FCA and its suppliers. Based on these uncertainties, we do not yet know the full extent of how COVID-19 and the related containment measures will affect our business, results of operations and financial condition, or the global economy. However, the continuing effects may have a material adverse impact on our business, results of operations and financial condition.

29

Outlook

On March 18, 2020, due to the continued uncertainty of market conditions and regional operating restrictions related to the evolving COVID-19 pandemic, the Group withdrew its FY 2020 Guidance and will provide an update when it is possible to have better visibility of the overall impact of the crisis and its impact on market conditions.

30

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AND NOTES AS OF AND FOR THE THREE MONTHS ENDED MARCH 31, 2020

31

FIAT CHRYSLER AUTOMOBILES N.V. AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED INCOME STATEMENT

(in € million, except per share amounts)

(Unaudited)

		Three months ended March 31,
	Note	2020			2019
Net revenues	3	€	20,567		€	24,481
Cost of revenues		18,878			21,181
Selling, general and other costs		1,439			1,517
Research and development costs		933			673
Result from investments		42			58
Gains on disposal of investments		5			—
Restructuring costs	13	20			204
Net financial expenses	4	213			244
(Loss)/Profit before taxes		(869		)	720
Tax expense	5	825			212
Net (loss)/profit from continuing operations		(1,694		)	508
Profit from discontinued operations, net of tax	2	—			111
Net (loss)/profit		€	(1,694	)	€	619
Net (loss)/profit attributable to:
Owners of the parent		€	(1,696	)	€	615
Non-controlling interests		2			4
		€	(1,694	)	€	619
Net (loss)/profit from continuing operations attributable to:
Owners of the parent		€	(1,696	)	€	509
Non-controlling interests		2			(1		)
		€	(1,694	)	€	508
(Loss)/earnings per share:	20
Basic (loss)/earnings per share		€	(1.08	)	€	0.40
Diluted (loss)/earnings per share		€	(1.08	)	€	0.39
(Loss)/earnings per share from continuing operations:	20
Basic (loss)/earnings per share		€	(1.08	)	€	0.33
Diluted (loss)/earnings per share		€	(1.08	)	€	0.32

The accompanying notes are an integral part of the Interim Condensed Consolidated Financial Statements.

32

FIAT CHRYSLER AUTOMOBILES N.V. AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(in € million)

(Unaudited) 

		Three months ended March 31,
	Note	2020			2019
Net (loss)/profit (A)		€	(1,694	)	€	619
Items that will not be reclassified to the Consolidated Income Statement in subsequent periods:	19
Losses on re-measurement of defined benefit plans		—			—
Related tax impact		—			—
Items relating to discontinued operations, net of tax		—			—
Total items that will not be reclassified to the Consolidated Income Statement in subsequent periods (B1)		—			—
Items that may be reclassified to the Consolidated Income Statement in subsequent periods:	19
(Losses)/gains on cash flow hedging instruments		(198		)	(98		)
Exchange gains/(losses) on translating foreign operations		(309		)	436
Share of Other comprehensive income/(loss) for equity method investees		(27		)	(4		)
Related tax impact		64			27
Items relating to discontinued operations, net of tax		—			13
Total items that may be reclassified to the Consolidated Income Statement in subsequent periods (B2)		(470		)	374
Total Other comprehensive income/(loss), net of tax (B1)+(B2)=(B)		(470		)	374
Total Comprehensive income (A)+(B)		€	(2,164	)	€	993
Total Comprehensive income attributable to:
Owners of the parent		€	(2,162	)	€	986
Non-controlling interests		(2		)	7
		€	(2,164	)	€	993
Total Comprehensive income attributable to owners of the parent:
Continuing operations		€	(2,162	)	€	869
Discontinued operations		—			117
		€	(2,162	)	€	986

The accompanying notes are an integral part of the Interim Condensed Consolidated Financial Statements.

33

FIAT CHRYSLER AUTOMOBILES N.V. AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

(in € million)

(Unaudited)

	Note	At March 31, 2020		At December 31, 2019
Assets
Goodwill and intangible assets with indefinite useful lives	6	€	14,614	€	14,257
Other intangible assets		12,538		12,447
Property, plant and equipment		28,511		28,608
Investments accounted for using the equity method		1,952		2,009
Other financial assets		332		340
Deferred tax assets		1,175		1,689
Other receivables	9	2,029		2,376
Tax receivables		104		94
Prepaid expenses and other assets		488		535
Other non-current assets		726		757
Total Non-current assets		62,469		63,112
Inventories	10	11,368		9,722
Assets sold with a buy-back commitment		1,631		1,626
Trade and other receivables	9	5,525		6,628
Tax receivables		361		372
Prepaid expenses and other assets		556		524
Other financial assets		1,155		670
Cash and cash equivalents		12,134		15,014
Assets held for sale		316		376
Total Current assets		33,046		34,932
Total Assets		€	95,515	€	98,044
Equity and liabilities
Equity	19
Equity attributable to owners of the parent		€	26,385	€	28,537
Non-controlling interests		135		138
Total Equity		26,520		28,675
Liabilities
Long-term debt	14	7,941		8,025
Employee benefits liabilities	12	8,629		8,507
Provisions	13	5,120		5,027
Other financial liabilities		21		124
Deferred tax liabilities		1,879		1,628
Tax liabilities		280		278
Other liabilities	15	2,348		2,426
Total Non-current liabilities		26,218		26,015
Trade payables		20,498		21,616
Short-term debt and current portion of long-term debt	14	6,272		4,876
Other financial liabilities		659		194
Employee benefits liabilities	12	534		544
Provisions	13	8,537		8,978
Tax liabilities		100		122
Other liabilities	15	5,979		6,788
Liabilities held for sale		198		236
Total Current liabilities		42,777		43,354
Total Equity and liabilities		€	95,515	€	98,044

The accompanying notes are an integral part of the Interim Condensed Consolidated Financial Statements.

34

FIAT CHRYSLER AUTOMOBILES N.V. AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(in € million)

(Unaudited)

		Three months ended March 31,
	Note	2020			2019
Cash flows (used in)/from operating activities:
Net (loss)/profit from continuing operations		€	(1,694	)	€	508
Amortization and depreciation		1,335			1,383
Change in inventories, trade and other liabilities, payables and receivables		(3,553		)	(651		)
Dividends received		72			56
Change in provisions		(464		)	(201		)
Change in deferred taxes		734			54
Other changes		750			(79		)
Cash flows (used in)/from operating activities - discontinued operations		—			(371		)
Total		(2,820		)	699
Cash flows used in investing activities:
Investments in property, plant and equipment and intangible assets		(2,327		)	(1,376		)
Net change in receivables from financing activities		615			578
Change in securities		283			—
Other changes		50			(55		)
Cash flows used in investing activities - discontinued operations		—			(113		)
Total		(1,379		)	(966		)
Cash flows from/(used in) financing activities:
Proceeds of other long-term debt		1,835			124
Repayment of other long-term debt	14	(251		)	(293		)
Net change in short-term debt and other financial assets/liabilities		(260		)	(589		)
Distributions paid		—			(5		)
Cash flows (used in)/from financing activities - discontinued operations		—			(48		)
Total		1,324			(811		)
Translation exchange differences		(7		)	231
Total change in Cash and cash equivalents		(2,882		)	(847		)
Cash and cash equivalents at beginning of the period		15,014			12,450
Add: Cash and cash equivalents at beginning of the period - included within Assets held for sale		17			719
Total change in Cash and cash equivalents		(2,882		)	(847		)
Less: Cash and cash equivalents at end of the period - included within Assets held for sale		15			418
Cash and cash equivalents at end of the period		€	12,134		€	11,904

The accompanying notes are an integral part of the Interim Condensed Consolidated Financial Statements.

35

FIAT CHRYSLER AUTOMOBILES N.V. AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

(in € million)

(Unaudited)

	Attributable to owners of the parent
	Share capital		Other reserves		Cash flow hedge reserve			Currency translation differences		Financial Assets measured at FVOCI			Remeasure-ment of defined benefit plans			Cumulative share of OCI of equity method investees			Non-controlling interests			Total
At December 31, 2018	€	19	€	24,650	€	45		€	1,011	€	(1	)	€	(567	)	€	(455	)	€	201		€	24,903
Impact from the adoption of IFRS 16(1)	—		—		—			—		—			—			—			—			—
At January 1, 2019	19		24,650		45			1,011		(1		)	(567		)	(455		)	201			24,903
Distributions	—		—		—			—		—			—			—			(5		)	(5		)
Net profit	—		615		—			—		—			—			—			4			619
Other comprehensive (loss)/income	—		—		(69		)	444		—			—			(4		)	3			374
Share-based compensation(2)	—		30		—			—		—			—			—			—			30
Other changes(3)	—		1		(16		)	—		—			—			—			—			(15		)
At March 31, 2019	€	19	€	25,296	€	(40	)	€	1,455	€	(1	)	€	(567	)	€	(459	)	€	203		€	25,906

______________________________________________________________________________________________________________________________

(1) There was no impactwithin Equity on adoption of IFRS 16 as at January 1, 2019.

(2) Includes €10 million tax benefit related to the long-term incentive plans.

(3) Includes €16 million deferred net hedging gains transferred to inventory, net of tax

	Attributable to owners of the parent
	Share capital		Other reserves		Cash flow hedge reserve			Currency translation differences		Financial Assets measured at FVOCI		Remeasure-ment of defined benefit plans	Cumulative share of OCI of equity method investees	Non-controlling interests	Total
At December 31, 2019	€	20	€	28,245	€	(114	)	€	1,378	€	5