The 500 has also gone on sale across a number of Latin America this year. It arrived in Fiat Brazil's showrooms earlier this month after a glamorous presentation in Rio de Janeiro.

Fiat is targeting future annual production of the 500 model in Mexico at more than 100,000 units per year, with around a quarter of this being destined for Latin America. The news comes in requests Chrysler Group has made to regional suppliers in recent weeks. Bloomberg has reported volume projections to suppliers ranging from 104,000 to 120,000 units per year.

The targets are on the higher side of expectations and if achieved it would most likely see the 500 outselling BMW's niche Mini brand during its first year on sale in North America. Last year the Mini sold just over 60,000 units in North America.

The 500 is expected to be built at the Chrysler Group's factory at Toluca in Mexico, possibility replacing the production lines of the Chrysler brand's decade-old PT Cruiser model, with confirmation of this production location and further details of its roll-out plans coming when Fiat announces the highly-anticipated five-year business and product plan for Chrysler Group on November 4. It will go on sale in North America late next year or in early 2011.

The winner of the most prestigious award of all, that of Car of the Year 2008, the Fiat 500 has set all manner of records since its birth and its universal appeal is demonstrated by the fact that it is the first Fiat model to sell in greater numbers outside rather than inside Italy in more than a decade. It's global roll out now includes countries as far flung from the Tychy, Poland, factory where it is built, as Australia, New Zealand, South Africa, Singapore, Japan and India.

The 500 has also gone on sale across a number of Latin America this year. It arrived in Fiat Brazil's showrooms earlier this month after a glamorous presentation in Rio de Janeiro, and by the end of the year the Latin American markets that will have succumbed to its diminutive charms will also include Argentina, Colombia, Barbados and Panama, Jamaica, Chile, Curaçao, Costa Rica, Guatemala, Mexico, Peru, the Dominican Republic, St Martin and Paraguay. However in many of these countries the 500 suffers from high import tariffs which mean that it's impact is restricted to being an ultra exclusive fashion accessory sold in tiny numbers. Building it in Mexico will allow the 500 to be sold more competitively priced and in much great numbers in Latin American countries where reciprocal trade agreements are in place, in particular Brazil has a burgeoning free trade agreement with Mexico, and this key market, where Fiat is the dominant player with a 25 percent share of all new vehicle sales, is expected to be the biggest recipient of the new Mexican production lines.