Fiat Chrysler Automobiles NV on Friday laid out a five-year vision for the company that embraces the two biggest shifts in the industry—boosting sales of SUVs and trucks while investing in future technologies such as electric-powered and self-driving cars. If that works out as planned, the auto maker expects to double operating profit to €16 billion ($18.71 billion) by 2022 and hit double-digit profit margins from 6.8% today.Chief Executive Sergio Marchionne said the company will invest €9 billion to develop and deploy electric engines as it expands its lineup of electric-powered vehicles, part of a €45 billion spending plan over the next five years focused on four core brands: Jeep SUVs, Ram pickups and Alfa Romeo and Maserati luxury cars.“This plan will provide the portfolio of products aligned with our brands that will ensure our ability to comply in each region” with stricter emissions and fuel-economy standards, Mr. Marchionne told financial analysts and media at a meeting on a company test track located outside Milan.

The company also plans to be “among the first [auto makers] to offer fully autonomous vehicles to the premium retail market,” said Fiat Chrysler’s chief technology officer, Harald Wester. That will likely grow out of Fiat Chrysler’s expanded partnership with former Google car unit Waymo LLC, Mr. Wester said. He didn’t provide a timeline for retail sales, but said Fiat Chrysler planned to introduce robotic vehicles for restricted areas by 2023 and fully self-driving vehicles under all driving conditions after 2025.In a move to boost profit growth by as much as $800 million a year, Fiat Chrysler said it plans to start offering vehicle financing directly to car buyers. The company is considering setting up a new business or buying an existing one, including that of its current financing partner Santander Consumer USA Holdings Inc. The auto maker has begun acquisition talks with the Santander unit, said Chief Financial Officer Richard Palmer.

Mr. Manley will have to address multiple challenges, including plant overcapacity and a bloated workforce in Europe, which accounts for 36% of FCA’s employees but one-tenth of its profits. Three-quarters of FCA’s sales in Europe are of Fiat-branded cars that have razor-thin profit margins. A successful relaunch of the sporty Alfa Romeo brand eluded Mr. Marchionne for more than a decade. Maserati provides a healthy profit margin, but the luxury marque’s volume is too small to significantly boost FCA’s overall financial results.