Abarth has teamed up with Ferrari to create the ultimate version of the Fiat 500 with a 'red' paint job, more power a 6-speed paddle shift transmission and interior upgrade, this limited-edition model will be unveiled in Frankfurt next week.

To be called the Abarth 695 Tributo Ferrari this most powerful version yet to be made on the Fiat 500 theme will only be available in a 'Scuderia Ferrari" red paint finish. It will also feature discreet dedicated badging located on the B-pillars.

The Ferrari-branded 695 Tributo Ferrari has fitted by Abarth's engineers with the "esseesse" optional add-on performance kit drawn from the similar 1.4-litre turbocharged engine fitted to the Abarth 500's sister in the two-model Scorpion range, the Abarth Grande Punto. The Abarth Grande Punto's esseesse conversion already gives 180 bhp out as standard, which is 20 bhp more than that of the Abarth 500 esseesse. As well as delivering 180 bhp at 5,750 rpm the 695 Tributo Ferrari will have maximum torque of 272 Nm (201 lbs/ft). The most interesting aspect of this car will be the news that its 6-speed manual gearbox will be operated by steering-wheel located "paddle-shift" levers.

As well as the additional power increase the suspension has been tweaked to cope with the extra power and the car will also come with red Brembo brake calipers to compliment the red 'Scuderia' paint finish. The 17-inch anthracite alloy wheels that are squeezed into the wheelarches are a new pattern that Abarth say are inspired by Ferrari wheels. They are fitted with Scorpion hub caps. Inside there is a black leather interior with carbon fibre seat frames and the external red colours will be mirrored and picked out in the steering wheel stitching.

Abarth will present the 695 Tributo Ferrari on its stand at the Frankfurt IAA next week. The Scorpion's return to the Frankfurt IAA comes after its official relaunch at the prestigious German motor show during the last edition two years ago when it presented the Abarth Grande Punto in production-ready format on its stand alongside the Super 2000 rally version.