Now this is what you...

Now this is what you call a pocket rocket. The small but sizzling new 500 Abarth has hit the streets! And these are the first official shots of it in action.

The exterior styling is designed to enhance the carтЂ™s dynamics. A rear diffuser and prominent roof spoiler help to keep the back end of the car planted at high speeds, while enlarged air intakes ahead of the bonnet funnel cool air into the engine.

The beating heart of the pumped-up Fiat 500 is a 1.4-litre turbocharged engine that delivers 135bhp and 180Nm of torque. An overboost function stretches that to 206Nm in Sport mode тЂ“ activated via a button on the dash. To cope with all the extra performance, the Abarth is fitted with an evolution of FiatтЂ™s Torque Transfer Control (TTC), which shuffles power between the front wheels to maximise traction in the bends.

The racy theme continues in the cabin with the addition of a turbo pressure gauge, flat-bottomed steering wheel and scorpion Abarth logos aplenty.

ThereтЂ™s also a dual-purpose Gear Shift Indicator that flashes an LED light to suggest gearchanges. In Sport mode, itтЂ™s timed to extract maximum performance, but in the normal setting it cuts in earlier to encourage an economical driving style. A new Portable Navigation Device will also be offered. It features a track function, which is activated when youтЂ™re on a circuit pre-programmed into the deviceтЂ™s memory. So aspiring racers can save lap times and other info for future reference!

The first examples will be on sale early in 2009 priced just above the MINI Cooper at around ТЈ14,000. And keep an eye on www.autoexpress.co.uk this week as we drive the hot hatch for the first time.

Fiat is targeting a very different audience with its new Panda Mamy, however. The special edition is designed for young mothers, and features a second rear view mirror, bag hooks in the boot and washable upholstery. Prices start at ТЈ8,200, ТЈ5 less than the Dynamic Aircon model itтЂ™s based on.