It is supposed to be aimed at current Ferrari owners who are looking for a small exclusive day-to-day car.
It is believed to have been designed, in part, as a rival of the Aston Martin Cygnet, a 1.3 litre town car based on the Toyota iQ, that is due to be released late in 2010, which is expected to sell around 4,000 cars a year and will also be aimed, at first, to current company buyers.
The UK will see 152 of the Ferrari Abarths, all of which will be in right hand drive.
However, the Abarth 695 Tributo Ferrari will have more performance than the Cygnet, as it is powered by a 1.4-litre turbocharged T-Jet engine with “more than 177bhp” which is coupled to a Ferrari paddle-shift gearbox.
The car will also feature new Brembo brakes, performance tyres, 17 inch alloy wheels and a sports exhaust package.
The Abarth 695 Tributo Ferrari will only available in red with Scuderia styled racing stripes, as well as grey inserts around the front air intakes, a grey rear diffuser and carbon fibre wing mirrors. Not only that, but the interior will feature aluminium foot pedals and leather bucket racing seats.