2012 Lancia Ypsilon at the 2011 Geneva Auto Show

Lancia and Chrysler share a common CEO – both at the group and brand levels – and will act as each-other's agents in their respective markets (not unlike their counterparts at General Motors' Vauxhall, Opel and Holden units). Vehicles we know as Chrysler models will soon be sold in Europe under Lancia's umbrella. This car will be marketed as a Lancia in continental Europe, as a Chrysler in the UK, and possibly as a Chrysler in the States as well.

Unlike the model it replaces – and the Cinquecento on which it's based – the Ypsilon is a five-door, though contained in a compact package and with hidden rear door handles.

Lancia's also emphasizing the customization possibilities with the new Ypsilon, offering 17 exterior shades (including four two-tone combos), three interior trim levels (Silver, Gold and Platinum), six different upholstery options and three styles of alloys. There are also four engines on offer from launch: a 1.2-liter engine with 69 horsepower, the 900cc TwinAir with 85hp, a 95hp 1.3-liter MultiJet turbodiesel and a flex-fuel 1.2-liter LPG engine, with either manual or semi-automatic transmissions.