 Announced on May 5, 2006, photographs of the 500 were presented on March 20, 2007, officially debuting on July 4, 2007, with 250,000 people in attendance and with new models prominently displayed in 30 Italian cities.The 500 uses Fiat's Multiair hydraulically actuated variable valve timing (VVT) engine technology, winner of the 2010 "International Engine of the Year" as well as Popular Science's "Best of What's New.