UPDATE 1-Fiat reported to cut 5,000 jobs, shares rally

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* Details to be given with strategic plan April 21 - paper * Shares up 4 pct, lead gainer in European sector index * Report that spin-off may happen soon also boosting shares * Group seen boosting Italian production by 50 pct * Seven Fiat, Lancia, Alfa Romeo models to be made in U.S. (adds shares, more details, Fiat comment) MILAN, March 24 (Reuters) - Industrial group Fiat is planning more than expected job cuts of 5,000 in Italy and may spin off its car activities sooner than ...

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