Fiat’s turnround will receive further striking endorsement on Monday when the relaunched pint-sized Cinquecento – or 500 – is named car of the year in Europe.

The Fiat 500, people close to the awards process said, had beaten more than 40 other cars launched this year to the accolade – and by a considerable margin. When the Italian industrial group last won, for its Panda city car in 2004, it was by just one point.