As the owner of storied Italian car makers like Ferrari, Maserati, Alfa Romeo and Lancia, it is quite amusing that not many people know much about Fiat itself, except maybe the lovable little 500.

The diminutive Fiat, built between 1957 and 1975, was the outcome of the post-war scenario, when the market necessitated a cheap and sensible city car. Measuring less than three metres long, the Dante Giacosa-penned 500 was inspired by the air-cooled rear-engined design of the Volkswagen Beetle, similar to its slightly larger Fiat 600 sibling.

While the Topolino followed a front engine/rear-wheel drive layout, Giacosa - who was chief designer at the time - wanted to maximize space utilization, and convinced the right people about the advantages of putting the engine out back. I’ve been in one, and trust me, the interior belies the super tiny outside proportions, and is a practical and cheerful place to be in; no wonder it achieved legendary status throughout Europe. Alongside the two-door, the Fiat was also available as a Giardiniera estate, which sported a longer wheelbase, larger brakes, and an engine that was laid on its side.

We’re used to monster V8s belching out huge horsepower these days, reason why we don’t bat an eyelid when talking about 600bhp family cars. Even back in the day, you had mental motors doing the rounds, probably terrifying the likes of the original 500, which featured a two-cylinder 479cc engine making all of 13.5bhp. A year later, power was slightly increased to 15bhp, along with a bit more chrome and…surprise, wind-down windows! The car also spawned a more powerful 21bhp variant, before being replaced by the 500 D in 1960. The newcomer had an improved 17bhp 499cc motor that saw duty right till 1973, an upgraded instrument panel and redesigned seats.

The F model, which came around in 1965, actually spanned the D and L generations. Some say the F carried the same badging as the D between 1965 and 1969, but the former lacked the D’s suicide doors. For the next three years, till 1972, the F was sold alongside the Lusso model as a cheaper alternative.

The Lusso, which had a more modern interior and increased comfort levels, was replaced by the R, or Rinnovata, in 1972, sporting a larger 23bhp 594cc engine. Production of the 500 ended in 1975 - with more than 3.5 million cars sold - its curvy lines replaced by the cubist 126, which was launched in ‘72. Production of the new car, based on the 500 design, was outsourced to a Polish company called FSM, who made both the Fiat 126 and the identical FSM Nikki for limited markets until 2000. The 126, though it looked more modern and had more power, never sort of achieved the maddening success of its forebear.

Fiat previewed the all-new 500 in March 2007, exactly 50 years after the first 500 was presented. Shown as the Trepiuno concept in 2004, the car is based on Fiat’s popular Panda, and is the Italian car maker’s retro answer to the likes of the new Volkswagen Beetle and MINI. Three engines are offered, including a 1.2, 1.4 and 1.3 Multijet common-rail turbo diesel. An Abarth variant was also unveiled at the 2008 Geneva Motor Show, powered by a 135bhp turbocharged 1.4-litre.