The one-off monster truck is 13 feet tall with 60-inch wheels.
Fiat says the tongue-in-cheek monster truck is "fully operational."
"The monster truck version combines a Panda 4x4 with a Jeep CJ7 4200 floor panel," said Fiat in a statement.
The commercial "tells the story of four friends who set off for a weekend in the mountains," said Fiat. "The Panda 4x4, transforming into a monster truck, climbs nimbly up to the hostel, stunning everyone with its performance. And when the driver, thinking he is on a normal Panda 4x4, gets down from the car, he ends up falling onto a cushion of snow, to the laughter of his friends."