Sergio Marchionne - who also heads Fiat - will present the five year plan to hundreds of journalists and analysts in a six hour presentation at the company's Auburn Hills, Michigan headquarters.

He is expected to announce plans to phase out some of Chrysler's less popular models and refresh its best-sellers; bring the Alfa Romeo brand back to the United States along with Fiat's 500 mini car; and describe ways in which the two companies will work to share technologies and reach globally competitive economies of scale.

The maverick executive said earlier this month that he can make Chrysler profitable within two years and plans to orchestrate a public stock offering "sometime after 2010."

Many here are hoping that Marchionne - Chrysler's fourth chief executive officer in less than three years - will be the one to finally transform the third largest U.S. carmaker into a truly viable company.

The 57-year-old lawyer and accountant has a record of success after walking into Fiat in 2004 with no previous auto industry experience and driving the storied Italian carmaker into profitability.