Fiat Group Revenues were €20.2 billion for the quarter. Excluding Chrysler, net revenues were €8.7 billion, a 5.7% decrease compared to Q1 2011 mainly reflecting volume declines in Europe, where trading conditions continued to remain weak for both passenger cars and light commercial vehicles, particularly in Italy, with Fiat production and deliveries being additionally affected by protracted car hauler strikes. Luxury and Performance Brands increased revenues by 11.5% to €0.7 billion and Components were stable at €2.0 billion.

Trading profit for Q1 2012 was €866 million. Excluding Chrysler, trading result was break-even, compared to a profit of €251 million in Q1 2011. The decline mainly reflects the volume reduction in Europe and increased pricing pressure in Latin America and launch costs for new Grand Siena and Chrysler products, which were only partially compensated for by industrial efficiencies, further realization of group synergies, and cost containment actions. For Luxury and Performance Brands, trading profit increased 14.5% to €71 million and for Components it was in line with the prior year.

EBIT (Earnings Before Interest and Taxes, defined as trading result plus unusuals and net results from investments) was €895 million. Excluding Chrysler, EBIT was €12 million. On a regional basis for mass-market brands North America (NAFTA) earnings increased (on a pro-forma basis) over 80% to €681 million driven by strong volume growth and Asia Pacific (APAC) earnings grew 143% to €85 million with both volume and margin improvements. These improvements more than offset a worsening of losses in Europe, Middle East and Africa from -€66 million (on a pro-forma basis) to -€170 million driven by reduced volumes due both to the continued market contraction and to the car hauler strike in Italy and a reduction in Latin America earnings from €306 million (on a pro-forma basis) to €235 million driven by price pressure from imports by other carmakers as pre-IPI tax rate increase vehicle stocks were sold-down and launch costs for the Grand Siena and Chrysler products.

Net financial expense totaled €375 million. Excluding Chrysler, net financial expense was €166 million. Net of the result from the marking-to-market of the Fiat stock option-related equity swaps (gain of €38 million in Q1 2012 and €23 million in Q1 2011), net financial expense for Fiat excluding Chrysler, increased by €43 million over Q1 2011 (from €161 million to €204 million), reflecting higher debt levels.

Profit before taxes was €520 million. Excluding Chrysler, the result before taxes was a loss of €154 million, with a worsening of €307 million over Q1 2011 due to a €279 million reduction in EBIT and a €28 million increase in net financial charges. Income taxes totaled €141 million. Excluding Chrysler, income taxes were €119 million and related primarily to taxable income of companies operating outside Italy and employment-related taxes in Italy. Net profit was €379 million for the quarter, with Fiat excluding Chrysler reporting a loss of €273 million.

Net industrial debt at 31 March 2012 was €5.8 billion. For Fiat excluding Chrysler it was €3.8 billion, with the €1.4 billion increase over year-end 2011 (€2.4 billion) reflecting the impact on working capital of trading conditions in Europe and increased capital expenditure. Capex totaled €1.6 billion for the quarter, €0.6 billion of which relates to Fiat excluding Chrysler.

Total available liquidity, inclusive of undrawn committed credit lines of €2.9 billion, improved to €21.4 billion (€20.7 billion at year-end 2011), of which €12 billion related to Fiat excluding Chrysler and €9.4 billion to Chrysler. The €1.2 billion in bonds issued during the quarter represent more than 80% coverage of bond maturities in 2012, which relate to Fiat excluding Chrysler.

New segment information

As a result of the acquisition of the majority ownership of Chrysler Group and consistent with the objective of enhancing the operational integration of Fiat and Chrysler, and as already announced, Fiat has undertaken significant organizational changes that became effective September 1, 2011. The new organization of the Mass-market Brands is based on four Operating Regions (the “Regions”) that deal with the development, production and sale of “mass-market brand” passenger cars, light commercial vehicles and related parts and services in specific geographical areas: NAFTA (U.S., Canada and Mexico), LATAM (South and Central America, excluding Mexico), APAC (Asia and Pacific countries) and EMEA (Europe, Middle East and Africa). In addition, there are two further Operating Segments, the first which designs, manufactures and sells luxury and performance cars (Ferrari and Maserati) and the other that produces and sells components and production systems for the automotive industry (Magneti Marelli, Teksid and Comau). Both segments operate on a worldwide basis.

Under the Group’s new organization, these Regions and Operating segments reflect the elements of the Group that are regularly reviewed by the Group’s Chief Executive Officer together with the Group Executive Council for making strategic decisions, allocating resources and assessing performance. The Group Executive Council was formed on September 1, 2011 and includes the senior operating and corporate leadership of Fiat and Chrysler.

Based on the new structure of the Group, beginning with the first quarter of 2012, the operations of the Mass-market brands, which were previously reported under the sectors Fiat Group Automobiles, Fiat Powertrain and Chrysler, are now attributed to the four Regions as described above. The Luxury and Performance Brands, as well as the Components and Production Systems sectors are reported under two groupings based on their similarities and relative size. The figures for the first quarter of 2011 presented for comparative purposes have been restated accordingly.

Results by segment

MASS-MARKET BRANDS

North America (NAFTA)

Vehicle shipments in NAFTA totaled 519,000 units for Q1 2012, representing a 16% increase over Q1 2011. In the U.S., vehicle shipments were 418,000 (up 19% over Q1 2011), in Canada 75,000 (up 12%) and 26,000 in other markets (mainly Mexico).

Vehicle sales in the NAFTA region totaled 475,000 for the quarter, an increase of 33% over Q1 2011. Sales increased 39% in the U.S. to 398,000 and 12% in Canada to 56,000, significantly outpacing market growth in both countries. In the U.S., the Group has recorded 24 consecutive months of year-over-year sales gains. In Canada, for the first time in its history, Chrysler Group was the quarterly market leader with a share of 15.0%.

The U.S. vehicle market closed Q1 2012 up 14% to 3.5 million vehicles. Overall market share was 11.2% in Q1 2012, compared to 9.2% in Q1 2011. Jeep vehicle sales totaled 114,000 for the quarter, up 35% year-over-year, with all models contributing to the increase. Dodge, the Group’s number one selling brand, posted vehicle sales of 126,000 during Q1 2012, up 24% from the prior year mainly driven by the Charger (+57%), the Journey (+28%) and the Durango (+33%). The Ram truck brand posted a sales increase of 22% to 70,000 vehicles, reflecting share gains across the Ram pickup range (light-duty, heavy-duty and cab-chassis). Chrysler brand sales totaled 79,000 vehicles during Q1 2012, an increase of 85% over the prior year with strong performance from the Chrysler 300 and 200.

The Canadian vehicle market grew 9% year-over-year to 371,000 vehicles. Chrysler Group’s total market share was up 0.3 percentage points over Q1 2011 to 15%. Key performers included the Chrysler 200 and 300, the Dodge Charger, the Jeep Wrangler and the Ram Pickup.

Fiat branded U.S. and Canada sales, consisting of the Fiat 500 and Fiat 500 Cabrio, were 11,000 vehicles for the quarter compared to 1,000 vehicles sold in Q1 2011.

The NAFTA region reported revenues of €10.4 billion, up 22% (+17% in USD terms) over the prior year on a pro-forma basis on the back of higher volumes.

Trading profit for Q1 2012 was up 75% over the prior year to €670 million, with volume increases being partially offset by higher R&D expenditure and product content enhancements. EBIT was €681 million, reflecting the strong trading profit performance for the period.

The Group announced the addition of a third crew at both the Jefferson North (Michigan) and Belvidere (Illinois) assembly plants, where the Jeep Grand Cherokee/Dodge Durango and new Dodge Dart are built, respectively. The Dart was included in Kelley Blue Book’s list of Top 10 Cars of the 2012 Detroit Auto Show and also won the Autoweek Editors’ Choice Award as the “Most Significant Vehicle” of the show. The U.S. National Highway Traffic Safety Administration awarded the 2012 Chrysler 300 and Dodge Charger 5-star vehicle safety scores and the Chrysler 300 was one of the kbb.com’s “10 Best Family Cars of 2012”.

Latin America (LATAM)

In Q1 2012, shipments in the region increased slightly over the prior year (on a pro-forma basis) to a total of 215,000 vehicles.

In Brazil, the passenger car and light commercial vehicle market was down 0.7% over the prior year to 773,000 units. The Group strengthened its leadership of the Brazilian market, with an overall share of 22.7%, up 0.4 p.p. over Q1 2011 and 2.0 p.p. above the nearest competitor. The Group’s best-selling products continued to perform well with a 58% share of the A/B segment, driven by the continuing success of the Novo Uno, the segment leader, and a 3.6 p.p. share gain for the recently launched Palio. The 500 gained 1.3 p.p. in the segment. In addition, the Freemont was the third best-selling vehicle in the SUV segment.

In Q1 2012, the Group shipped a total of 177,000 passenger cars and light commercial vehicles in Brazil, representing a 2.1% decline over Q1 2011 (on a pro-forma basis). Shipments of Chrysler brands in Brazil more than doubled in Q1 2012 to 2,300 units driven by new product launches, such as: the new Jeep Wrangler 3.6, the Chrysler 300C, RAM and Jeep Compass. Fiat launched the new Grand Siena in the Brazilian market with a favorable acceptance from automotive press and customers.

In Argentina where the market was up 9.4% to 243,000 units, the Group increased sales by approximately 5,000 units, gaining nearly 1.1 p.p. in share to 12.1% on the back of robust performance in the LCV segment. In the A/B segment, share was 14.1%, with the Novo Uno recording significant quarter-over-quarter growth since launch (+67% vs. Q1 2011). The Fiat Strada consolidated leadership in its segment, with share up 19.2 p.p. to 59.3%.

Shipments in Argentina were 25,000, up 17.4% over the prior year on a pro-forma basis, while the total for other LATAM countries was more than 12,000 units (+24.1%).

The LATAM region reported revenues of €2.6 billion, in line with Q1 2011 on a pro-forma basis, reflecting the volume trend.

Trading profit for the Region was in line with internal expectations at €235 million, compared to €306 million for Q1 2011 (on a pro-forma basis). Reduction in trading profit was driven by price pressure from imports by other carmakers as pre-IPI tax stocks were sold-down and increased advertising spend on launch of Grand Siena and Chrysler products. EBIT reflected the trading profit performance for the period. 

Asia Pacific (APAC)

Vehicle shipments in the region totaled approximately 25,000 units for Q1 2012, up 47% from a year ago (on a pro-forma basis).

Regional demand rose over last year largely led by the recovery in Japan and growth in the India and Australia markets. China and South Korea slowed versus the prior year.

Group retail sales, including JV, totaled 27,000 units for Q1 2012, up 29% over Q1 2011, driven by strong performance in China (+28%), Australia (+48%) and Japan (54%). Top-selling nameplates were the Jeep Compass, Grand Cherokee, Wrangler, Patriot and Fiat Punto. The Jeep brand accounted for 63% of APAC sales, more than doubling in volume compared to Q1 2011.

APAC had revenues of €714 million, up 43% over Q1 2011 (€499 million for Q1 2011 on a pro-forma basis).

Trading profit was €77 million up nearly 90% compared to €41 million for Q1 2011 on a pro-forma basis and EBIT, which also reflects the contribution from joint ventures, was €85 million for the quarter, up over 140% on prior year.

The GAC-Fiat JV is poised to begin production of a C-segment sedan, the Fiat Viaggio, at the end of the second quarter and commercial launch is planned for the second half of 2012. The Viaggio was presented at the Beijing Auto Show in April and is based on the all-new Dodge Dart which will soon be launched in NAFTA. The Beijing Auto Show also witnessed the re-launch of the Chrysler brand, introduction of a Jeep Wrangler Dragon concept vehicle, as well as the Imperial 300C.

Europe Middle East and Africa (EMEA)

Shipments of passenger cars and light commercial vehicles (LCV) in the region totaled 260,000 for the quarter, representing a decrease of approximately 60,000 units (-18.7%) over Q1 2011 (pro-forma). Passenger car shipments totaled 212,000, down 18.8% year-over-year, while a total of 48,100 LCVs were shipped, representing a 19.0% decrease year-over-year. The reduction in both segments was primarily attributable to performance in Italy.

In Europe (EU27+EFTA), the passenger car market was down 7.3% overall to 3.4 million vehicles, with performance varying significantly by market. The overall trend for the quarter was substantially attributable to the decline in demand in the French market (-21.6%), in comparison to Q1 2011 which still benefited from the tail of eco-incentives, and in Italy (-21.0%), where sales dropped to the lowest March level since 1980. In Italy, in particular, adverse impacts from economic recession and increased fuel prices (which, however, benefited the alternative fuel segment) were further aggravated by the effects of a car hauler strike which endured up to the last days of the quarter. In Germany and the UK, demand was substantially in line with the prior year, while Spain registered a modest decline (-1.9%). For the rest of Europe, demand was down 3.3% overall with particularly significant declines in the Netherlands (-7.5%) and Belgium (-12.7%). Depressed economic conditions also continued to drive demand down sharply in markets such as Portugal (-48.4%) and Greece (-32.0%). 

Fiat and Chrysler brands recorded a 6.3% market share in Europe for the quarter, a 1 percentage point decline over Q1 2011, but in line with Q4 2011. Around half that decline was attributable to the unfavorable market mix, with Italian market weighting in the European total down about 2 percentage points. The car hauler strike also had an impact, reducing sales by an estimated 12,000 units or 0.3 percentage points. In Italy, share was down 1.4 percentage points to 27.9%, although there was significant growth in the alternative fuel car segment (CNG and LPG), where Fiat increased its leadership position. By major market, share was higher in the UK (3.1%), flat in Germany (2.9%) and Spain (3.4%), and down in France (3.5%), although up slightly over Q4 2011.

For passenger cars, Group shipments in Germany, the UK and Spain were essentially in line with the prior year. The general decline in demand coupled with the car hauler strikes in March resulted in sharp volume declines in Italy (-34,000 units or 24.3%) and France (-7,300 units or 33.7%), with the strikes accounting for a decrease of around 17,500 units across Europe.

The European light commercial vehicle market was down 9.1% over Q1 2011 to 417,000 units, with performance for this segment also heavily affected by the sharp decline in demand in Italy (-36.4%).

Fiat Professional closed the quarter with an 11.2% share, representing a 1.5 percentage point decline over Q1 2011 that was attributable in large part (-1.2 p.p.) to the unfavorable market mix. Excluding Italy, share of the European LCV market was 8.7%, representing a 0.1 percentage point increase over the prior year. In Italy, share was at 42.3% compared to 46.9% in Q1 2011 which benefited from significant fleet contracts.

In Europe, the Group shipped a total of 45,400 LCVs during the quarter, a 20.1% decrease over the same period in 2011. The overall reduction was attributable to the decline in Italy (-10,000 units or 43.9%, of which 2,500 units due to the car hauler strike), which was only partially offset by growth in Germany (+6.1%) and the UK (+9.2%). Of note for the quarter, was the Fiat Ducato, one of the best performers in its segment, with 26,000 units sold and a share stable at 17.8%.

EMEA closed the first quarter with revenues of €4,508 million, down 13.1% over the same period in 2011 on a pro-forma basis. The decrease attributable to volume declines was only partially compensated for by the success of the rejuvenated Jeep range and the Fiat Freemont.

In Q1 2012, there was a trading loss of €207 million (loss of €106 million in Q1 2011, on a pro-forma basis), with the impact of volume declines only partially offset by industrial efficiencies, further enhanced by group synergies in purchasing and WCM, in addition to cost containment actions. EBIT was negative at €170 million (negative €66 million for Q1 2011, on a pro-forma basis), with the result from investments contributing €36 million (in line with Q1 2011).

During the quarter, Fiat presented the 2012 style refresh for the Punto, which is now also offered with TwinAir Turbo and MultiJet II engines. In addition, the AWD version of the Fiat Freemont and the new Fiat Strada were also introduced.

At the Geneva Motor Show in March, Fiat premiered the new 500L, which – following on from the release of the Abarth and Cabrio versions – further expands the 500 range. The model will be introduced in European markets in the third quarter of 2012, with a selection of gasoline and diesel engines and equipped with Fiat’s most advanced technological content.

In March, as further confirmation of Fiat’s strong commitment to the environment, JATO (the global leader in automotive intelligence) recognized the Fiat brand, for the fifth consecutive year, for the lowest CO2 emissions of cars sold in Europe in 2011, with an average of 118.2 g/km. Fiat was also first in the Group ranking, with average emissions down 2.6 g/km over the previous year to 123.3 g/km.

LUXURY AND PERFORMANCE BRANDS

Ferrari

During the first quarter, Ferrari shipped a total of 1,733 street cars, an 11.5% increase over Q1 2011. The growth was primarily driven by sales of 12-cylinder models, which were up 74% year-over-year on the back of the strong performance of the new FF. For 8-cylinder models, volumes were in line with Q1 2011.

North America remained Ferrari’s no. 1 market with shipments up 14.4% over the prior year to 452 street cars. Volumes were also higher in Europe, with 964 cars shipped (+15.6% over Q1 2011). Strong performance in the UK, Germany, Switzerland, France and Middle East (+23% over Q1 2011) more than offset the substantial decline recorded in Italy. Further growth was achieved in China, with 154 vehicles shipped (+3% over 2011). In other markets, performance was substantially in line with the prior year.

For the first quarter of 2012, Ferrari reported €556 million in revenues, a 13.2% increase over the same period in 2011 driven primarily by higher sales volumes.

Ferrari closed the quarter with a trading profit and EBIT of €60 million (€53 million for Q1 2011). The 13.2% increase was attributable to higher sales volumes and good results from the personalization program.

During the first quarter, Ferrari presented the F12 Berlinetta, the first of a new generation of 12-cylinder models. The most powerful vehicle to ever wear the Ferrari badge, the F12 was the star of the Geneva Motor Show for both its design and engineering characteristics. In Geneva, Ferrari also premiered the new 490 hp California which is 30 kilos lighter than its predecessor and 30 hp more powerful.

Maserati

Maserati shipped 1,560 cars during the first quarter, a 6.3% increase over the 1,467 units shipped in Q1 2011. The significant reduction in volumes experienced in Europe (-59%) was more than offset by increases in other markets. In particular, growth was registered in the United States (+19%), China (+42%), Japan (nearly triple) and Rest-of-World markets (+30%).

Maserati posted revenues of €153 million for the quarter, up 13.3% over the same period in 2011.

The quarter closed with trading profit and EBIT of €12 million (trading margin at 7.8%), an increase of approximately 33% over Q1 2011 on the back of higher volumes and industrial efficiencies.

At the Geneva Motor Show – five years after launch of the original model, of which 15,000 units have been sold – Maserati presented the new GranTurismo Sport. Restyled both inside and out, performance has also been enhanced with a more powerful and efficient 4.7 V8 engine that delivers 460 hp.

Maserati also launched a full-scale development program, aimed at expanding the sales network by more than 50% in preparation for launch of the new product range.

COMPONENTS AND PRODUCTION SYSTEMS

Magneti Marelli

Magneti Marelli businesses reflected the general trend in their respective markets. Increased levels of activity were recorded for Lighting, primarily due to strong demand from German customers and new technological content of products launched during the second half of 2011. Electronic Systems recorded an increase in sales for both telematic and body products to external customers, compensating for the contraction in volumes in all product lines in Italy. The After Market business line also recorded higher revenues on the back of performance in Poland and Latin America, as well as the contribution of new product lines launched in the U.S. beginning in April 2011. Volumes decreased for the other business lines mainly due to reduced demand in Italy.

Magneti Marelli reported revenues of €1,451 million for the quarter, a 2.4% decline over the same period in 2011 (-1.4% at constant exchange rates) in line with the volume trend. Trading profit for the quarter totaled €29 million, compared to €34 million for Q1 2011. The decrease was attributable to lower sales volumes, partially offset by cost containment measures and efficiency gains achieved during the period. EBIT totaled €28 million (€31 million for Q1 2011).

Teksid

Teksid reported revenues of €223 million for the quarter, a 1.8% decline over the first three months of 2011, attributable to lower volumes for the Cast Iron business unit (-5.2%) in Europe and the Americas (with the exception of Mexico) and for the Aluminum business unit overall (-10.3%).

Teksid closed the quarter with trading profit of €3 million and EBIT €4 million, both in line with Q1 2011.

Comau

Comau reported revenues of €357 million for Q1 2012, up 28.9% year-over-year. The increase was principally attributable to the Powertrain Systems operations.

Trading profit and EBIT were €4 million, compared to €1 million for the corresponding period in 2011. The increase was mainly attributable to the Powertrain Systems operations.

Order intake for the period, totaling €635 million, represented a 6% decrease over the first quarter of 2011. The reduction was primarily attributable to a decrease for the Powertrain Systems operations, following particularly high order volumes in 2011. At 31 March 2012, the order backlog totaled €950 million, a 13% increase over year-end 2011.

Significant Events

• In January 2012, Fiat announced that the “Ecological Event” (3rd performance event established in the Amended and Restated LLC Operating Agreement) had been achieved, leading to a further 5% increase of its interest in Chrysler. Fiat currently has a 58.5% ownership interest in Chrysler. The VEBA Trust owns the remaining 41.5%.
• On January 18th, Fiat and Suzuki Motor Corporation reached an agreement for the supply of a 75 hp 1.3 MultiJet BS-IV Small Diesel Engine – to be produced under license by Fiat India Automobiles Limited, a joint venture between Fiat and Tata Motors – to Suzuki’s affiliate company Maruti Suzuki India Limited (MSIL).
• On February 1st, during a meeting with the trade unions that signed the company specific collective labour agreement, Fiat’s CEO confirmed that investments for the Mirafiori plant in Turin would go ahead. Plans call for production of at least two new models for the export market, with production to reach 280,000 vehicles per year. Investment is to commence in the second quarter of 2012 and retooling of the plant will be completed during 2013. Production of the first model (Fiat brand) is scheduled to begin in December 2013 and the second model (Jeep brand) is slated for production beginning in the second quarter of 2014. Fiat also confirmed that Mirafiori would continue production of the Alfa Romeo MiTo, for which a refresh is planned, as well as the Lancia Musa for a limited time, on the basis of market demand.
• At the end of February, Fiat signed a Letter of Intent with Sberbank in relation to a new project for the production and distribution of passenger and commercial vehicles in Russia. The Russian bank intends to finance the project and also take a minority equity interest of up to 20% in the joint venture. The product range is expected to be based on Jeep vehicles and could subsequently be expanded to include other models and engines which will be produced and assembled locally.
• During the quarter Fiat completed two bond issues, one on March 7th for CHF 425 million (fixed coupon 5.00%, due September 2015) and another on March 23rd for €850 million (fixed coupon 7.00%, due March 2017). The notes, issued by Fiat Finance and Trade Ltd S.A. - a Group wholly owned subsidiary - and guaranteed by Fiat S.p.A. under the Global Medium Term Note program, have been rated Ba3 by Moody’s, BB by Standard & Poor’s and BB by Fitch”.
• On April 4th, Fiat S.p.A. Shareholders approved the 2011 Financial Statements and a gross dividend of €0.217 per preference and savings share. Shareholders also elected the 2012-2014 Boards of Directors and Statutory Auditors, approved the Compensation Policy and Incentive Plan and renewed share buy-back authorization for €1.2 billion, including the €259 million in own shares already held. The mandatory conversion of preference and savings shares into ordinary shares was approved at the extraordinary session of the General Meeting.
• In April, Chrysler Group gave notice to Ally Financial, Inc. (Ally) that it will not renew its current “Auto Finance Operating Agreement” following the April 30, 2013, expiration. Under the agreement, Chrysler Group was obliged to give Ally at least twelve months’ advance notice that it did not intend to renew the agreement. Chrysler Group is in discussions with Ally and other financial institutions regarding various options to meet the financing needs of Chrysler Group dealers and customers.

2012 Outlook

Fiat remains fully committed to the strategic direction laid out in the 5-year plans that were outlined in November 2009 for Chrysler and April 2010 for Fiat.

Having reviewed economic and trading conditions in the Group’s four operating regions, Fiat confirms the expectations of performance in North America, Latin America and Asia-Pacific. 

Events of the past 12 months, and more particularly the last half of 2011, have cast doubt on the volume assumptions governing the overall market and the Group’s own development plans for Europe up to the end of 2014. The level of uncertainty regarding economic activity in the Euro zone for the foreseeable future has made specific projections of financial performance unreliable. As a result, the Group has provided guidance for 2012 in terms of ranges, from continuing depressed trading conditions in Europe to a gradual stabilization and recovery at the very end of 2012.

As a consequence, Fiat’s 2012 full year guidance is as follows:

• Revenues > €77 billion;
• Trading profit between €3.8 to €4.5 billion;
• Net profit between €1.2 to €1.5 billion;
• Net industrial debt between €5.5 to €6.0 billion.

As events unfold in the next two quarters, the Group expects to fully articulate the effect of the Euro zone economic climate on its 2014 plan when releasing Q3 2012 results. 

While working on achievement of its financial targets, Fiat will continue its strategy of targeted alliances to optimize capital commitments and reduce risks.