ITALY: Italian carmaker Fiat celebrates the rebirth of its most iconic creation - the new Fiat 500

Italian carmaker Fiat celebrates the rebirth of its most iconic creation - the new Fiat 500. A media day in Fiat's hometown of Turin on Thursday (July 5) wrapped up two days of celebrations for the launch of the new Cinquecento (pron: chinkwe chento) or Fiat 500 - an icon of Italian design. For Italians, the Cinquecento epitomised their country's post-war economic boom. It was the first car that their families bought as their living standards improved through the years. When it was first introduced in 1957, the car could only accommodate two people, but could carry 70 kg of luggage (very important at the time). Today's version, developed by the Fiat Style Centre, is a compact 3-door model, measuring 355 cm long, 165 cm wide, 149 cm tall, with a 230 cm wheelbase. The car is powered by a choice of three engines: a 75 bhp 1.3 16v Multijet turbodiesel unit and two petrol engines, the 69 bhp 1.2 8v and the 100 bhp 1.4 16v, all of which are available with five or six speed mechanical gearboxes. Slightly bigger than the original, it is part of Fiat's aim to emulate Apple by being nimble in its execution and by making cars as stylish as the U.S. company's computers and electronic gadgets, the company's top managers said. "I think it's going to provide a significant contribution to the restablishment of the brand, especially in Europe," Fiat's chief executive, Sergio Marchionne, told Reuters. Faithful to the spirit of the original, the new Cinquecento will sell as a mass-market -- rather than a premium -- car. Italian newspapers say it will be priced at about 10,000 euros (13,600 U.S. dollars). Fiat's management is counting on its new Cinquecento, to boost its brand image and make customers willing to pay more for all models. "I'm very very hopeful it's going to have a significant success both in terms of commercial sales and in terms of the positioning of the brand itself," Marchionne said. Fiat aims to move up at least two spots in the rankings of European and world car makers and have the lowest weighted average carbon dioxide emissions among European car makers. Italians all over the country went to watch the heir of the tiny three-door car they had so much loved as squares in every main city were filled with the new 500. "There was a lot of expectation. I saw it on TV this morning. From what I've seen, it's cute," said Marco Ranni, in Rome's Piazza del Popolo. "It's cute, but it's too expensive," said Franco Zeppino, a bus driver in his late twenties. Fiat's launch has taken up much space in Italian media and even in Italian squares in the last two days, but it will be for the markets now to decide whether this time round Fiat will have come up with another piece of history for Italy.

ITN Source | July 6, 2007

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