Update: Fiat has said that Fiat, Chrysler and Dodge will not be "fully eliminated", although the brands have been left out of the company's overall strategic update. During that time he has merged Fiat with USA carmaker Chrysler and spun off the industrial vehicle business and sports carmaker Ferrari.
Palmer said the group expected to return to an investment grade credit rating by the end of next year, after achieving a landmark goal to erase its debt load by mid-2018.
In a break from fashion tradition, Marchionne unzipped a knit cardigan to reveal a blue tie - the first, he said, he has worn in a decade.
The 500 and Panda minicars are the two models in Europe "where Fiat can play best", Marchionne said. "It is a significant milestone in the process of healing of a structural weakness".
The huge-selling 500's EV version will sit on one of four FCA EV powertrains, each designed for a different market, while the Giardiniera, a throwback to the original 500's estate variant, will feature hybrid powertrains along with the 500X and 500L. Truck maker Ram will limit its alternative powertrains to a high-end premium truck, the TRX, which will compete with Ford's Raptor.
It said it expects one in every 12 utility vehicle sold industry-wide by 2022 to be a Jeep. These will hit each of the different size segments in the SUV and crossover classes, from a crossover smaller than the soon-to-be-revised Renegade all the way up to a new Wagoneer or Grand Wagoneer.
Luxury brand Maserati has been set the target of doubling sales to 100,000 cars by 2022, with analysts saying the addition of electric drive to the historic marque means it is seeking to take on Tesla.
Marchionne said the 124 Spider also will continue, "especially given that we have a commitment with Mazda to buy it", he said.