Fiat is introducing its new Bravo to the world's media today amid the usual Italian fanfare and theatrics. However, the importance of the new car to the brand will not be lost on its audience.
At an early test drive two weeks ago we were warned from the outset that any mention of this being the "make or break" car for "embattled" Fiat would result in yours truly being tied to the back of a Bravo and dragged through the streets of Turin.
As enticing as that might sound to some readers, I'm not going to fall into that trap. In fairness to the Italian marque, while it certainly had its turbulent times in the recent past, its global financials are firmly in the black these days and there's a host of new models coming down the product pipeline in the next few months and years that should strengthen sales.
As evidence of the successful turnaround at the firm, earlier this month accountants PriceWaterhouseCoopers rated the Italian automotive giant's shares as providing the best returns for a car company over both one and three years, and ranked it 10th in a list of the world's 12 leading car manufacturers, based on results from last year and predictions for 2007.
The recently launched Grande Punto was the first of a new wave of Fiats, but while its front exterior boasted the new smarter lines of the brand, the revamped image was not in evidence in the interior.
This, the new Bravo, is the complete package. It even boasts the newly designed Fiat logo that will adorn all future models. On that point alone, it's a more stylish symbol.
It doesn't end there. Fiat managed to develop the Bravo from scratch in just 18 months, a truly impressive engineering feat made possible only by advances in computer-aided design that have made their way down to mainstream production from the world of Formula One.
The new technology means far fewer prototypes need to be built. Fiat engineers also point to the fact that statistics garnered from computer simulations are frequently more reliable because they rule out any chance of other variables affecting the results.
Admittedly, prototypes are still going to be required for new projects, but the principal requirements of a family hatchback have been well-established.
For all the engineering achievements, the financial savings were also a significant factor. Fiat will not specify the savings made on R&D, but they are thought to be well into eight figures.
While all that might impress the engineering boffins, for potential buyers there are more than fancy 3D developments to consider. The first striking feature of the new Bravo is the smooth lines of the body, in contrast to the sharp angular look of the outgoing Stilo. The new car is a modern-day take on the original Bravo, sold between 1995 and 2001. This time though, it's a five-door hatchback.
As with the Punto, the front nose hints at styling cues taken from the sports car stables at the Fiat Auto Group, such as Ferrari and Maserati. That may be more than coincidence, for design chief Frank Stephenson originally worked as head of design at the Ferrari arm of the business before moving to his current role.
And his pedigree is impressive, having previously worked with BMW where he designed the new MINI and the BMW X5.
Stephenson is currently putting the finishing touches to Fiat's new 500, due to be unveiled this autumn. The Italians hope it will be as iconic and successful as the new MINI.
The Bravo, however, shows his ability to bring some of that head-turning appeal to the mass market.
That was the stated aim with the Grande Punto but it failed to sparkle once you opened the door and turned the key.
The Bravo, however, is far more of the finished product. For a start the interior trim is modern and the switchgear offers up a far better quality feel and fit than we have come to associate with the brand.
Another big improvement is the cabin room, far exceeding that on offer from the outgoing Stilo. One example of the improvement in the Bravo is the bootspace, now 400 litres, making it one of the biggest in the family hatchback market.
The new car will arrive in Ireland in May, initially with a choice of 1.4-litre 90bhp petrol engine or two 1.9-litre diesels offering 120bhp or 150bhp. Later in the year a new 1.4-litre turbocharged petrol engine - called T-Jet - will be introduced, offering 120bhp and 150bhp.
Irish prices are not set yet, but a spokesman said that they will be benchmarked against competitors such as the Ford Focus, suggesting the 1.4-litre engine will start in the region of €20,000.