Frankfurt motor show: Ferrari Abarth 500

This is the Abarth 695 Tributo Ferrari - a limited-edition Fiat 500, which was launched today at the Frankfurt motor show.

Fiat hopes that the car will appeal to Ferrari owners who want a small everyday car, tapping a similar market that Aston Martin is eyeing with its Toyota iQ-based Cygnet.

However, the Abarth 695 Tributo Ferrari will have more performance than the Cygnet, as it is powered by a 1.4-litre turbocharged T-Jet engine with "more than 177bhp". This is linked to an electromechanical paddle-shift gearbox.

The suspension and braking systems have been strengthened to cope with the extra power; 284mm Brembo discs with four-piston calipers provide stopping power.

It also has performance tyres, which are fitted to 17-inch alloy wheels that ape a Ferrari design, and a variable back-pressure exhaust that changes the engine sound above 3000rpm.

The Abarth 695 Tributo Ferrari is only available in red, with carbonfibre door mirrors, grey inserts around the front air intakes and a grey rear diffuser. Xenon headlights are also standard; Abarth says they are three times as intense as standard halogen units.

The interior is also heavily modified, with black leather racing-style seats, a leather steering wheel and aluminium pedals.

Abarth says the car has been produced because of shared values between the brands that include "a passion for performance, a racing soul, attention to detail and Italian style". It also says the Abarth 695 Tributo Ferrari has been developed jointly by Abarth and Ferrari technicians.

No prices or on-sale dates have been released.

We put the pocket rocket Abarth 500 through its paces on the track and road