According to vehicle industry speculation, a new version of the Fiat 500 is about to be launched. The dynamic motor will mark the 50-year anniversary of the first Fiat 500 car launched in Turin, Italy . An Italian landmark, the Fiat 500 got many Italian people mobile for the first time, transforming the country and the parent company .

Fiat engineers are testing the new model on a race track at Balocco, and the chief executive of the firm, Luca De Meo, has given some journalists a sneak preview. According to early reports, the Fiat will be similar to its predecessor, with a modern touch. The retro market for cars is booming, with several successful nostalgic models released by major car companies .

However, prices aren’t expected to be as low as they once were. De Meo reportedly commented: We want Fiat in a higher position than today, more upmarket, and that's the mission of this car . The Italian-ness of this product is back to the concept itself; that it's called Cinquecento; that it looks like a Cinquecento. This is to me the Italian part of the story - the concept and the execution of the product .