*Updated Gallery with First Photos of the Interior
The same Italian supercar maker that's so protective about its name that went as far as to threaten to take legal actions against a Brit that created a 360 Modena limo unless he removed all Prancing Horse emblems, has now given its blessings for the creation of a special edition version of the Fiat 500 Abarth... And unlike last year's special Fiat 500 that is only used as a courtesy car for the Ferrari sales network, the performance-orientated Abarth 695 'Tributo Ferrari' will go on sale.

Fiat said that the new Abarth 695 "Tributo Ferrari" is distinguished by "substantial modifications" developed by Abarth and Ferrari engineers. Starting with the powertrain, the special edition model is fitted with a 1.4-liter turbocharged T-Jet 16v engine tuned to develop "over 180 horsepower".

The four-cylinder unit is coupled to an MTA (Manual Transmission Automated) electromechanical gearbox with race-inspired paddle gearshift that drives the front-wheels.

The hot hatch also gets performance tires that are fitted on 17-inch alloy wheels in a dark finish featuring a Ferrari inspired design. Other upgrades include the more powerful braking system that boasts 284mm multi-section discs Brembo with four-piston calipers and a sportier suspension set up with new shock absorbers.

A "Record Monza" variable back-pressure dual mode exhaust that is designed to improve engine performance and deliver a more sonorous note over 3,000 rpm completes the performance upgrades.

On the outside, the mini is finished in Scuderia Red, with carbon fibre door mirrors and racing stripes, wheels and rear air intakes in 'Racing Grey'. The new Abarth also gets Xenon headlights with dipped and main beam functions.

Inside, special features include the Sabelt bucket sport seats that weight 10 kg or 22 lbs a piece less than the standard seats and are finished in black leather with a shell and seat base in carbon fibre; the black leather steering wheel with red leather inserts and a tricolour hub as well as the new instrument panel specially made by Jaeger and inspired by Ferrari instrumentation.

Other details include the special kick plates, aluminum foot wells and a plate bearing the vehicle series number.