The first factory-built 500 Abarth Asetto Corse, which is set to form the basis of an exciting new pan-European race series next year, broke cover today as the Mille Miglia gathered in Brescia.

The first factory-built 500 Abarth Asetto Corse, which is set to form the basis of an exciting new pan-European race series next year, broke cover today as the Mille Miglia gathered in Brescia.

The 2008 edition of the hugely popular Mille Miglia historical re-run gets underway in earnest tomorrow evening, and a very warm and sunny Brescia was buzzing today as the mouth watering collection of classic racing cars were prepared for the start, which traditional takes place in the historic main square of this city, the second largest in the Lombardy region, and which lies right at the foot of the Alps, as well as North East of Milan.

Fiat Group Automobiles is a major sponsor of the legendary race this year and three of the brands, Alfa Romeo, Lancia and Abarth, are closely involved in the event. In the 'sponsor park' area Alfa Romeo and Abarth are both present, and the latter took the opportunity to show off the 500 Abarth Asseto Corse in public for the first time, lining it up on a crisp red-and-white themed stand alongside the production 500 Abarth and an immaculately restored historic 695 Abarth.

Just 49 units of the 500 Abarth Asseto Corse will be built at the Scorpion brand's new headquarters, Officine 83, at Mirafiori, over the rest of this year and the little rocket is destined to run in a one make championship which gets underway next year and which will take it onto the most famous race tracks across Europe, such as Monza, the Nürburgring and Silverstone. The car on show in Brescia today is the prototype for the limited run, and a dashboard plaque reveals it to be numbered 00/49.

With a wild front spoiler, a big roof spoiler, a bonnet slashed with air vent cut outs and a huge mesh covered 'mouth', the 500 Abarth Asseto Corse looks stunning and attracted a big crowd as it basked in the beautiful May sunshine. For this application the Abarth engineers have taken the gutsy 1.4 (1368cc) litre 16v petrol engine and squeezed even more power out of it, taking output up to an impressive 200 bhp at 6,500 rpm; while peak torque comes in at 300 Nm at 3,000 rpm. The engine uses a Garrett GT1446 fixed geometry turbo and power is shifted to the wheels through a 6-speed gearbox (M32). At the same time the 500's weight has come down thanks to the disposal of the normal road car's interior and cockpit refinements.

The 500 Abarth Asseto Corse has height adjustable race suspension all round, and under the bonnet the remote dampers' fluid reservoirs can be clearly seen. The front brakes are chunky Brembo four-pots (M4x40) with 305x28mm ventilated and drilled discs, while at the rear sliding brakes feature 36mm pistons and 264x11mm discs. It sits on 7x17 alloy race wheels shod with 205/50-15 tyres.

It features a full race roll cage and a lightened body structure which brings the weight down to 930 kg, while all the usual safety refinements feature. The weight saving exercise was dramatically illustrated by the light feel of its featherweight doors, a big contrast compared to the road car's.

All the 49 planned examples are being sold directly by the factory in Turin and reports suggest that more than half the run have been sold before the car was even seen. Abarth engineers fired the prototype up today and the sound was amazing, enthusiastic observers delighted by the jet-fighter volume of the sound.