At a press conference in Turin, Italy, last week, Fiat chief Sergio Marchionne vowed that the Italian car maker will increase its stake in struggling Chrysler from the current 20% to 35% within 24 months.

Fiat was given its initial 20% stake essentially for free and can up the ante in 5% increments by fulfilling certain conditions such as bringing production of new fuel-efficient technologies to the U.S. (MultiAir engines in Michigan: check) and building a new small car here. Fiat will also be expected to expand distribution of U.S.-made products in foreign markets.

So far Fiat’s labors have produced Powerpoints and press conferences but little else to boost Chrysler’s sagging fortunes. Interestingly, though, the Detroit Free Press quotes Marchionne as saying that “[t]he most important thing is that Chrysler is proceeding on a turnaround plan; the results are good.”

So there.

--M.D.