Launched in July 1957 as the Nuova 500, the car was positioned as a successor to the earlier Fiat 500 Topolino and was smaller than Fiat's own 600, introduced two years prior. Measuring 2,970 mm in length and powered originally by a rear-mounted 479 cc two-cylinder air-cooled engine producing 13 hp, the 500 was conceived as inexpensive, practical urban transport. Designer Dante Giacosa received a Compasso d'Oro industrial design award for the 500 in 1959 — the first time the prize was awarded to an automotive manufacturer.
The 500 carried a drag coefficient of 0.38, creditable for its era. Its fabric roof folded fully to the rear on early Nuova models, a feature later simplified to a half-fold on subsequent variants.
Several distinct production versions were sold over the car's eighteen-year run. The original Nuova 500 (1957–1960) used suicide doors and the folding fabric roof; 181,036 examples were produced including the Sport variant. The 500 D (1960–1965) introduced a larger 499 cc engine producing 17 bhp. The 500 F or Berlina (1965–1972) was the most produced variant and introduced front-hinged doors as required by new safety regulations. The 500 L or Lusso (1968–1972) was a more richly trimmed version of the F with added chrome detailing and a modernised interior. The final 500 R or Rinnovata (1972–1975) used the 594 cc engine shared with the successor Fiat 126 and was sold alongside that car until the original 500 line was retired.
The Giardiniera estate variant (1960–1968) featured the engine repositioned under the boot floor to provide a flat load surface, a lengthened wheelbase, and a full-length roof. Production transferred to Desio in 1966, and from 1968 the Giardiniera was sold exclusively as the Autobianchi Giardiniera until 1977. Around 327,000 Giardinieras were built in total. Austrian production under licence by Steyr-Daimler-Puch ran from 1957 to 1973, the Steyr-Puch 500 using a Puch boxer twin engine in place of the Fiat unit.
The most motorsport-significant derivatives of the 500 were produced by Abarth. Karl Abarth — later known as Carlo Abarth — created a range of tuned and enlarged versions using the 500 as a base. The Abarth 695 SS, introduced in 1964 and revised in 1966, was among the most capable: its two-cylinder engine was bored and stroked to 689.5 cc with a bore and stroke of 76 mm × 76 mm, a compression ratio of 9.8:1, and a single enlarged Solex 34PBIC carburettor. Output was 38 PS at 5,200 rpm with 57 Nm of torque at 4,000 rpm, giving a top speed of approximately 140 km/h. The 695 SS featured flared wheel arches, a raised engine cover for cooling, and smaller but wider 10-inch Campagnolo alloy wheels. Around 1,000 examples were produced, of which approximately 150 are believed to survive.
The earlier 595 variant used a displacement of 594 cc and served as the basis for many clubsport and hillclimb entries throughout the 1960s and 1970s. Both the 595 and 695 Abarth variants entered the sim-racing canon through the Assetto Corsa simulation, where the Abarth 595 SS in particular became a well-known entry-level car in online racing communities.
Production of the original 500 ended in 1975. In 2007, marking the fiftieth anniversary of the Nuova 500's launch, Fiat introduced a new 500 model designed in a retro style consciously referencing Giacosa's original, now built in Tychy, Poland, with front-mounted engines and front-wheel drive. In 2017 Fiat celebrated the 60th anniversary of the original with an exhibition at the Museum of Modern Art in New York City.
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