Fiat and Chrysler CEO Sergio Marchionne said: "I think that overall the quarter has been a significant quarter for Fiat for a couple of reason. We have improved our operating performance. More importantly, it is the first time we are seeing the impact of Chrysler in the consolidated accounts of Fiat."

Reported net industrial debt at 30 June 2011 was €3,407 million, of which €979 million (€489 million at end March) for Fiat excluding Chrysler. Strong cash flow from operating activities, which exceeded capital expenditure and dividend payments during the period, supported a €391 million reduction in net industrial debt before payment of the consideration for the 16% interest in Chrysler. Capital expenditure for Fiat excluding Chrysler was €794 million, up €144 million over Q2 2010, progressing in line with full-year guidance.

Reported liquidity at 30 June 2011 was €19.2 billion, of which €12.2 billion for Fiat ex-Chrysler, €0.9 billion below the 31 March 2011 level. In addition to the disbursement for the 16% stake in Chrysler €1.3 billion in bond maturities were repaid in May and a €1.0 billion bond was issued in April. The quarter-end liquidity position does not reflect proceeds from the recent €1.5 billion bond issuances (settled on July 8, 2011) and disbursement of $700 million in relation with the purchase of the US Treasury stake in Chrysler and of its rights under the Equity Recapture Agreement and with the purchase of the Canadian interest. In addition, $1.3 billion is available to Chrysler on an unused committed revolving credit facility.

Group revenues for the second quarter totaled €13.2 billion. Excluding Chrysler, revenues were €10 billion up 6.5% over Q2 2010. All businesses reported year-on-year increases with Luxury & Performance brands and Components & Production Systems recording double-digit growth. Fiat Group Automobiles revenues were up 2.7% over Q2 2010. Group trading profit of €525 million included €150 million reported by Chrysler for June. Excluding Chrysler, trading profit increased by 22% or €68 million, mainly driven by the strong performance of Components. Trading margin was 3.8% (3.3% for Q2 2010). Operating profit for Q2 2011 was €1,583 million, impacted by positive net unusuals of €1,058 million. Unusual income totaled €2,020 million, of which €2,017 million relates to fair value re-measurement of the 30% ownership interest held in Chrysler prior to the acquisition of control and of the right to receive an additional 5% ownership interest following Chrysler’s achievement of the third Performance Event. Unusual expense totaled €962 million, of which €739 million ex Chrysler (of which €552 million are non-cash charges) largely due to the impact on Fiat’s businesses of the strategic realignment with Chrysler’s manufacturing and commercial activities, further accelerated following the increase of Fiat’s ownership interest, and to one-off charges mainly related to the realignment of certain minor activities of the Group.

Chrysler recorded an operating loss of €73 million in June 2011, which included €223 million in unusual expenses. As of the date control was acquired, Chrysler recorded an upward revaluation or “step up” of its inventories totaling €220 million in connection with the recognition of the assets acquired and liabilities assumed at fair value. In June, this amount was fully written off due to the rapid inventory turnover and was recorded as a one-off noncash charge. In the prior year’s Q2, operating profit of €282 million included net unusual expenses of €25 million.

Net financial expense totaled €230 million. Excluding Chrysler, net financial expense was €160 million (€186 million in Q2 2010). Net of the marking-to-market of two stock option related equity swaps (no impact in Q2 2011 and €19 million loss for Q2 2010) financial expense was substantially in line with Q2 2010, with the cost of maintaining a higher level of liquidity being compensated by the benefit of lower indebtness and favorable foreign exchange rates impacts.

Profit before taxes was €1,361 million. Excluding Chrysler, profit before taxes was €1,504 million. The €1,378 million increase (ex Chrysler) over Q2 2010 almost entirely reflects higher trading profit (+€68 million) and the €1,306 million positive difference in net unusual items (2011: €1,281 million, 2010: €(25)million) Income taxes totaled €124 million (€143 million for Q2 2010), and related primarily to taxable income of companies operating outside Italy and employment-related taxes in Italy. Reported net profit for Q2 2011 was €1,237 million (net loss of €17 million for Q2 2010). Excluding unusuals and related tax impacts, net profit was €156 million (€76 million excluding Chrysler, up €68 million on 2010).

Reported net industrial debt at 30 June 2011 was €3,407 million, of which €979 million (€489 million at end March) for Fiat excluding Chrysler. Strong cash flow from operating activities, which exceeded capital expenditure and dividend payments during the period, supported a €391 million reduction in net industrial debt before payment of the consideration for the 16% interest in Chrysler. Capital expenditure for Fiat ex-Chrysler was €794 million, up €144 million over Q2 2010, progressing in line with full-year guidance. Reported liquidity at 30 June 2011 was €19.2 billion, of which €12.2 billion for Fiat ex- Chrysler, €0.9 billion below the 31 March 2011 level. In addition to the disbursement for the 16% stake in Chrysler €1.3 billion in bond maturities were repaid in May and a €1.0 billion bond was issued in April. The quarter-end liquidity position does not reflect proceeds from the recent €1.5 billion bond issuances (settled on July 8, 2011) and disbursement of $700 million in relation with the purchase of the US Treasury stake in Chrysler and of its rights under the Equity Recapture Agreement and with the purchase of the Canadian interest. In addition, $1.3 billion is available to Chrysler on an unused committed revolving credit facility.

Group revenues for the H1 2011 totaled €22.4 billion. Excluding Chrysler, revenues were €19.2 billion up 6.8% over H1 2010. All businesses reported year-on-year increases with Luxury & Performance brands and Components & Production Systems recording double digit growth. Fiat Group Automobiles revenues were up 2.6% over H1 2010. Group trading profit of €776 million included €150 million reported by Chrysler for June. Excluding Chrysler, trading profit increased by 16.6% or €89 million, mainly driven by the strong performance of Components. Trading margin was 3.3% (3.0% for H1 2010).

Operating profit for H1 2011 was €1,834 million impacted by positive net unusuals of €1,058 million. Included in these results is Chrysler’s June 2011 operating loss of €73 million which reflects €223 million in unusual expenses (inventory adjustments as outlined above). In the prior year (H1 2010), operating profit was €514 million and included net unusual expenses of €23 million. Net financial expense totaled €368 million with Chrysler’s net financial expense of €70 million. Excluding Chrysler, net financial expense was €298 million (€328 million in H1 2010) and included a €23 million gain in the mark-to-market value of two stock option related equity swaps (€32 million loss for H1 2010). Net of that item, financial expense increased €25 million over the prior year, mainly reflecting the cost of maintaining a higher level of liquidity.

Profit before taxes was €1,514 million. Excluding Chrysler, profit before taxes was €1,657 million. The €1,392 million increase over H1 2010 almost entirely reflects higher trading profit (+€89 million) and the €1,304 million positive year-over-year difference in net unusual items. Income taxes totaled €240 million (€269 million for H1 2010), and related primarily to taxable income of companies operating outside Italy and employment-related taxes in Italy. Reported net profit for H1 2011 was €1,274 million (net loss of €4 million for H1 2010). Excluding unusuals and related tax impacts, net profit was €193 million (€113 million excluding Chrysler, up €94 million on 2010).

Net industrial debt at 30 June 2011 was €3,407 million, of which €979 million for Fiat excluding Chrysler compared to €542 million at 2010 end. Net of the consideration for the 16% interest in Chrysler the cash flow over the first half of 2011 would have been positive by €444 million.

Fiat Group Automobiles shipped a total of 568,400 passenger cars and light commercial vehicles during the quarter, representing a 2.5% increase over the second quarter of 2010. For passenger cars, a total of 452,100 units were shipped, substantially in line with the prior year, and included approximately 7,900 Chrysler Group units (mainly Jeep) for which FGA is general distributor in most European markets. For light commercial vehicles, a total of 116,300 units were shipped during the quarter, a 17.2% increase over the same period in 2010.

During the quarter, the European passenger car market (EU27+EFTA) registered a year-over- year contraction (-1.7%), with 3.7 million units sold to end customers. Performance was uneven across markets, however, reflecting differences in the phase-out of incentives programs and in macroeconomic conditions. In Germany, a robust economic recovery drove a 7.6% increase in demand (13.9% for the first quarter), particularly in the upper segments. In Italy, weak demand continued with the overall market remaining in line with low Q2 2010 levels. The French and UK markets recorded declines of 6.5% and 5.2%, respectively. For both markets, these results were widely expected given the timing and nature of the termination of incentives. For the fourth consecutive quarter, Spain recorded a year-on-year decline in excess of 20% attributable to macroeconomic conditions and government policies that are particularly unfavorable to the auto sector.

During the second quarter, FGA shipped a total of 252,700 passenger cars in Europe, a 7.6% decline over 2010. Significantly higher volumes in Germany (+15.9%) and the UK (+17.6%) only partially offset the declines experienced in France (-16.2%), Spain (-38.9%) and minor European markets (-8.6% in aggregate). In Italy, shipments were down 8.5%. For Alfa Romeo, shipments in Europe were up about 30% on the back of the strong contribution from the Alfa Romeo Giulietta. For Lancia, shipments were in line with the prior year, while Fiat brand experienced a decline attributable primarily to the phase-out of certain models.

FGA's overall market share in Europe was 7.2% for the quarter, down 0.3 percentage points year-over- year. In Italy, share was 29.5% compared with 30.3% for Q2 2010. This result reflected the above-mentioned phase-out of certain models and a further reduction in the relative contribution of alternative fuel passenger cars to overall demand (5% compared with 12% in Q2 2010), in addition to the fact that the positive contribution of the newly launched Fiat Freemont and Lancia Ypsilon, which have both enjoyed critical and commercial success, only had a marginal impact on the quarter. In the UK, FGA's market share was substantially unchanged at 3.0%. However, year-on-year share was up 0.1 percentage points in Germany (to 3.6%), share was down 0.4 percentage points in Spain and 0.7 percentage points in France. Of particular note was the strong performance in the Netherlands, where FGA improved share for the sixth consecutive quarter with registrations up 43% (against overall market growth of 18%), confirming its leadership for vehicles with low CO2 emissions.

Fiat brand was the most heavily impacted by the product and market conditions described above, with overall share in Europe down from 6.1% to 5.4%. The Fiat Panda reached the production milestone of 2 million units confirming European leadership in its segment, followed once again by the Fiat 500 which gained more than 2 percentage points. The Grande Punto MyLife recorded a 0.8 percentage point gain in the most competitive segment in Europe, re-entering the top-10 ranking. And finally, the Fiat Freemont achieved better than expected results with over 13,000 orders received since launch. Lancia maintained its share unchanged at 0.7% with volumes for the new Ypsilon only benefiting the final part of the quarter. Orders to date exceeded 15,000 units. Alfa Romeo, on the other hand, increased European market share 0.3 percentage points to 1% with the Giulietta continuing the success experienced since launch. FGA recorded a significant increase in the number of light commercial vehicles shipped for the second quarter. In Europe, volumes were up 23.8% year-on-year to 64,700 units, significantly outpacing overall market growth. Double-digit growth was achieved in Germany (+40.5%) and France (+15.0%), continuing the positive trend experienced in the first quarter. In Italy, where the market recorded a slight recovery, volumes for FGA were up 30.6%. Volumes were stable in the UK, while in Spain shipments fell 17.4% year-on-year. Fiat Professional's market share in Europe was 14.4% (+0.6 percentage points), representing the best second quarter performance in the brand's history. Share gains were recorded in major markets, with share in Italy at 45.5% (+0.8 percentage points), in Germany at 14.7% (+2.2 percentage points), an all-time quarterly record, and in France at 10.9% (+0.8 percentage points). Share was down slightly year-on-year for both the UK at 3.6% (-0.4 p.p.) and Spain at 8.6% (-0.3 p.p.). Driving this performance was the Fiat Ducato, with registrations up approximately 17% to 37,400 units driven by the new range of engines.

In Brazil, demand for passenger cars and light commercial vehicles was up significantly over the prior year (+15.4%), with similar levels of performance in each segment, and 860,000 registrations representing another year-over-year record. Shipments of passenger cars and light commercial vehicles once again exceeded 200,000 units, up 6.9% over Q2 2010. FGA recorded an overall market share of 22.6% (down 0.7 percentage points year-over-year but up 0.5 percentage points over Q1). FGA strengthened its leadership position, increasing the gap over its nearest competitor to 2.8 percentage points. In Argentina, FGA shipments increased over 40% with the market growing 34.2%. Overall market share was 10.4%, with a share gain in the LCV segment.

Fiat Group Automobiles closed Q2 2011 with a trading profit of €187 million, substantially in line with Q2 2010 (€185 million). The positive impact of higher volumes and purchasing efficiencies was almost entirely offset by lower cost absorption at Italian passenger car plants. May saw the commercial launch of the new Fiat 500 TwinAir (both standard and cabriolet versions) in Europe. The name "TwinAir" now designates not just the two-cylinder turbo engine but also a dedicated product range whose unique styling and content fully express the "fun to drive" characteristics of the vehicles. Following the success of the first open house campaign at the end of May, the new Freemont, the first Fiat vehicle to come out of the alliance with Chrysler Group, was officially presented to the press. The Fiat Freemont is the "Official Car" of Italy's national football team (Fiat will be Top Sponsor for the next 4 years). For Lancia, sales of the restyled Delta with new trim packages and engine options began in April. In June, following the world debut at the Geneva Motor Show, the new Lancia Ypsilon was launched commercially. In April, Jeep presented the Grand Cherokee with the new 3.0 liter turbodiesel MultiJet II engine, as well as the new Jeep Compass and Wrangler Unlimited. In Germany, FGA received several major awards, with the Fiat 500 achieving the highest score for "customer satisfaction" in the J. D. Power and Associates "Vehicle Owner Satisfaction Study" and the Alfa Romeo 4C Concept car voted as the "Most Attractive Concept Car of the Year" by the readers of Auto Bild magazine. Alfa Romeo was also recognized for best advertising campaign of the year for the Giulietta at the NC AWARDS. The New Fiat Ducato was launched in May. The five generations of this best-selling van have received international awards and more than 2.2 million units have been sold since 1981. The Ducato range has a well-structured and diversified offering with ~2,000 different combinations of chassis, engine and mechanics. It also offers record-low consumption and CO2 emission levels (~15% reduction compared with Euro 4 engines). In addition to the extensive range of Euro 5 diesel engines ranging 115-177 hp, a CNG version is also available.

Fiat Group Automobiles closed the first half with revenues of €14.6 billion, up 2.6% over the first six months of 2010, driven by improved sales mix and favorable currency movements particularly in the first quarter (+1.5% at constant exchange rates). A total of 1,087,000 passenger cars and light commercial vehicles were shipped during the first half, substantially in line with the same period for 2010. The slight fall for passenger cars (-2.7% to 869,000 units) was compensated for by increased sales for light commercial vehicles, which reached 218,000 units (+12.5% over the first six months of 2010). Passenger car demand in Europe was down 1.8% for the first half, in line with performance in the first quarter. For the main European markets, demand was higher in Germany (+10.5%) and France (+1%, entirely due to performance in the first quarter), but extremely weak performance was recorded in Italy (-13.1%), the UK (-7.1%) and Spain (-26.8%). For the rest of Europe, overall demand remained in line with H1 2010, although with significant variations by market.

FGA shipped 498,000 passenger cars in Europe, with the 9.4% reduction over the prior year being heavily influenced by performance in Italy, where shipments were down 14.8%. Growth in Germany (+20.5%) and the UK (+5.0%) fully offset declines in France (-10.7%) and Spain (-28.9%). For the rest of Europe, shipments were stable year-over-year. FGA's European market share was down 0.9 percentage points for the first six months to 7.2%, influenced heavily by performance in Q1 2011 (-1.5 percentage points to 7.1%) compared to Q1 2010, which benefited from the residual impact of eco-incentives in Italy. By individual market, share was down in Italy (-1.7 percentage points) and France (-0.4 percentage points), but substantially in line with 2010 in Germany and the UK. Double-digit growth was recorded for light commercial vehicles in Europe, with shipments up 14.5% for the first half. Increases were achieved in all major markets except Spain, where year-over-year performance was flat. Shipments were up 42.0% in Germany, 6.7% in Italy, 15.4% in France and 9.2% in the UK. Market share remained substantially stable at 13.6%3, despite a less favorable market mix. FGA improved share in all major markets: Italy up 0.4 p.p. to 46.2%, Germany up 1.9 p.p. to 13.6%, France up 0.5 p.p. to 10%, the UK up 0.1 p.p. to 3.7% and Spain up 0.6 p.p. to 9.2%.

In Brazil, shipments for passenger cars and light commercial vehicles increased 7.4% to 383,000 units. Fiat Group Automobiles maintained its market leadership, for both cars and light commercial vehicles, achieving an overall share of 22.4% with the market up 9.5%. In Argentina, FGA shipped a total of 43,400 units during the first half and achieved a market share of 10.2% (market up 30.7%). For H1 2011, Fiat Group Automobiles had trading profit of €317 million (€338 million reported for H1 2010).

Chrysler’s financial results were consolidated by Fiat beginning June 1, 2011. For the month of June 2011, Chrysler had net revenues of €3,325 million on worldwide vehicle shipments of 179,000, of which the U.S. and Canada accounted for 83%. Trading profit was €150 million. Commercial performance for Chrysler for both Q2 and H1 2011 is discussed below to give a more complete view of its activities.

Worldwide vehicle shipments totaled 514,000 for Q2 2011, representing a 19% increase over Q2 2010. U.S. vehicle shipments were 368,000 (up 18% over Q2 2010). Canada vehicle shipments were 74,000 (up 15%). Vehicle shipments in other regions totaled 72,000 (up 28%). Worldwide vehicle sales were 486,000 in Q2 2011, a 19% increase compared to Q2 2010. Vehicle sales increased 20% for Q2 2011 in both the U.S. and Canada to 353,000 and 72,000, respectively, which outpaced the growth of the U.S. and Canadian markets overall. Chrysler’s U.S. market share was 10.6% in Q2 2011, compared to 9.4% in Q2 2010. Jeep had 104,000 vehicle sales during the quarter, up 64% year-over-year, with all five Jeep models contributing to the increase, led by the 2011 Jeep Grand Cherokee (+196%) and the Jeep Compass and Patriot (up 112% combined). Dodge, Chrysler Group’s number 1 selling brand, posted vehicle sales of 128,000 during the quarter, up 8% from Q2 2010. Contributing to the increase was the all-new Dodge Durango with approximately 15,000 vehicle sales during the period. Ram truck brand posted a 25% increase in vehicle sales, with gains recorded for all pickup segments (light-duty, heavy-duty and chassis cab). Vehicle sales for the Ram truck brand totaled 63,000 in Q2 2011. Chrysler brand vehicle sales totaled 53,000, with a 13% year-over-year decrease primarily reflecting reduced fleet volumes and lower Chrysler 300 vehicle sales as a result of the changeover from the 2010 model year vehicle to the all-new 2011 model year vehicle, which began arriving in dealerships in March 2011. The decrease was partially offset by vehicle sales of the new Chrysler 200 (including convertible) which totaled 23,000 units. In Canada, market share was up 2.0 percentage points to 14.9%. Key performers in Canada included the Jeep Grand Cherokee (+298%), the Jeep Wrangler (+55%) and the Dodge Journey (+54%), the number 1 crossover vehicle in Canada. Vehicle sales in other markets during the second quarter increased 14% over the prior year, with notable performance in Mexico (+9%).

Chrysler’s worldwide vehicle shipments totaled 999,000 units in H1 2011, a 23% increase over H1 2010 primarily reflecting higher retail demand attributable to the launch of 16 all new or significantly refreshed vehicles in 2010. U.S. vehicle shipments totaled 727,000 in H1 2011, representing a 25% increase over H1 2010. Vehicle shipments in Canada were 141,000 in H1 2011 (up 14%). For other regions, vehicle shipments totaled 131,000 for the first half of 2011 (up 21%). Chrysler’s worldwide vehicle sales totaled 880,000 in H1 2011, an increase of 19% compared to H1 2010. Vehicle sales in the U.S. and Canada increased 21% and 15% for the first half to 640,000 and 122,000 vehicles, respectively, which outpaced the growth of the U.S. and Canadian markets overall. Chrysler’s U.S. market share was 9.9% in H1 2011, compared to 9.2% in H1 2010. Jeep vehicle sales totaled 189,000, an increase of 49% over H1 2010 with the Jeep Grand Cherokee increasing 114%. Dodge posted vehicle sales of 230,000 for the first half of 2011, up 15% from the prior year, partially attributable to the launch of the all-new Dodge Durango, as well as stronger performance for the Dodge Challenger, Grand Caravan and Nitro. The Ram truck brand posted an increase in vehicle sales of 31% to 120,000. Chrysler brand vehicle sales totaled 96,000, a year-over-year decrease of 11%, primarily reflecting reduced fleet volumes and lower Chrysler 300 vehicle sales as a result of the changeover from the 2010 model year vehicle to the all-new 2011 model year vehicle, which began arriving in dealerships in March 2011. The decrease was partially offset by vehicle sales of the new Chrysler 200 (including convertible) which totaled 32,000 vehicles.

In Canada, total market share was up 1.6 percentage points for the first half of 2011 to 14.8%. Key performers in Canada included the Jeep Grand Cherokee (+130%), the Jeep Wrangler (+34%), Jeep Compass (41%) and the Dodge Journey (+53%). H1 2011 vehicle sales in other markets increased 9% over the prior year. Strong first half performance was recorded for Mexico (+8%).

During the first half of 2011, Chrysler premiered the all-new 2011 Chrysler 300 sedan, the redesigned Jeep Compass, the 2011 Chrysler 200 Convertible, the 2012 Jeep Grand Cherokee SRT8, 2012 Chrysler 300 SRT8 and the 2012 Fiat 500 Cabrio, and celebrated Jeep’s 70th anniversary with special anniversary models. Chrysler officially elevated its in house Street and Racing Technology (SRT) team to a distinct company performance brand that promises to maintain its successful formula of designing, engineering and building benchmark American high-performance vehicles for Chrysler, Jeep and Dodge. The Chrysler brand launched a new advertising campaign during Super Bowl XLV with a spot showcasing the new Chrysler 200 sedan and the “Imported from Detroit” tagline. The spot garnered worldwide media coverage and was honored with five awards at the Cannes Lions 58th International Festival of Creativity. The 2011 Chrysler Town & Country and Dodge Challenger ranked the highest in the minivan and mid-size sport car segments, respectively, in the J.D. Power and Associates 2011 U.S. Initial Quality StudySM (IQS) released on June 23. Deliveries of the Fiat 500 Prima Edizione, the first Fiat cars to be sold in North America since 1983, began in the U.S. and Canada during the first quarter.

For Q2 2011, Maserati reported €168 million in revenues (€174 million in Q2 2010). A total of 1,746 vehicles were delivered to the network, a 2.9% increase over the 1,697 units delivered in Q2 2010. The second quarter closed with trading profit of €9 million, representing an increase of €1 million over Q2 2010. At the Shanghai Motor Show in April, Maserati gave the Asian premiere of its new top-of-the-range coupe, the GranTurismo MC Stradale, a model based on the protagonist of Maserati's single-make championship, the MC Trofeo. For H1 2011, Maserati reported revenues of €303 million, substantially in line with the same period for the prior year (+2.3% at constant exchange rates).

Deliveries to the network were up 10.7% year-over-year to 3,213 vehicles. The increase was driven by particularly strong performance in the USA and China, which experienced increases of 22% and 124%, respectively. Volume increases and efficiency gains contributed to trading profit of €18 million, up significantly over the €12 million recorded for Q2 2010.

For Q2 2011, Ferrari reported revenues of €589 million, a 20.4% increase over the same period in 2010 driven primarily by higher volumes for both 8-cylinder and 12-cylinder models. In addition to the continued success of the California (+12% for the quarter), also of note was the positive contribution of the two limited series 599 GTO and SA Aperta models. On the other hand, deliveries of the FF (latest addition to the product range) did not start until June. A total of 1,886 cars were delivered to the network during the quarter, representing a 16.8% increase over Q2 2010. Volumes were higher for both 8-cylinder models (+18.7% year-over-year) and 12-cylinder models (+4.8%). North America maintained its position as Ferrari's no. 1 market with 487 vehicles delivered during the period, accounting for 26% of total sales (+25.8% vs. 2010). Performance was particularly strong in China, Hong Kong and Taiwan with 225 vehicles delivered, more than double the prior year. In Europe, the most notable performance was in the UK with 141 vehicles delivered during the period (+32% vs. 2010). Ferrari closed the quarter with a trading profit of €82 million (€77 million for Q2 2010) a €5 million increase over the prior year despite higher R&D spending for new products. For the first half, Ferrari recorded revenues of €1,080 million, a gain of 19.6% over the same period in 2010.

A total of 3,577 cars were delivered to the network during the first half, representing an 11.8% increase over H1 2010. Volumes were higher for both 8-cylinder models (+12.7% year-over-year) and 12-cylinder models (+6.4% over H1 2010). North America maintained its position as Ferrari's no. 1 market with 939 vehicles delivered during the period, accounting for 26% of total sales (+23.2% vs. 2010). Volumes were also higher in China, Hong Kong and Taiwan with 378 vehicles delivered, accounting for 10.6% of total sales (+116% vs. 2010). Performance was also excellent in the UK with 289 vehicles delivered to the network (+54% over the prior year). Ferrari achieved trading profit of €135 million for the first half, an increase of €19 million over the €116 million recorded for the first six months of 2010, reflecting higher volumes and a more favorable product mix.