Fiat has taken its iconic Fiat 500 the way of the VW Beetle and BMW mini and revamped it for the 21st century.

Releasing details earlier today, the new 500 will be launched in Turin on July 4, the 50th anniversary of the launch of the original 500. It will go on sale immediately afterward in Europe, the company said.

The new Fiat 500 will be launched with a choice of three engines: a 69-horsepower 1.2-litre eight-valve four, a 100HP 1.4-litre 16-valve four or a 75HP 1.3-litre 16-valve MultiJet turbodiesel. Transmission choices include five- and six-speed manuals.

The new 500 is three-door model, measuring only 139.8 inches long and riding on a 90.5-inch wheelbase. It is 58.7 inches tall and 64.9 inches wide.

Last year Top Gear Magazine’s readers voted the original Fiat 500 as the world's sexiest car beating the Aston Martin DBS, the Maserati Quattroporte, the Chevrolet Camaro and the Citroën C6.