It's taking the basics from the 500X to create a new crossover in a similar program to the one for the latest Cherokee, which is built up from the Alfa Romeo Giulietta.
This 'Jeep Junior' prototype is clearly cannibalised from the 500L and the Carparazzi picture shows the extra ground clearance - if little else - that will carry through to production, most likely in the back half of next year with Australian sales in 2015. It is likely to be priced under $30,000.