In Ireland as in the rest of the world, Fiat is at a critical juncture.
Sales of its cars here have been on a steep downward spiral for years, culminating in 2005 in one of its worst in recent history.
The Italian manufacturer sold just 2,475 cars here in 2005, while its premium arm, Alfa Romeo, sold fewer than 500. Sales of its most important car, the Punto, highlight the problem.
At the turn of the millennium, over 11,000 Irish motorists bought a new Punto - last year that figure had plummeted to fewer than 1,200.
Now Fiat must pull a sales U-turn - a task that falls on the shoulders of its recently appointed managing director, Geoff Smyth, whose arrival also heralded a new age of realism at Fiat.
The manufacturer is not the big player it once used to be and its management is now finally facing this reality.
The unattainable predictions such as those spouted by Fiat executives in 2001 that its Stilo would topple VW's Golf to become Europe's favourite car have subsided into a more realistic approach for the latest Punto, which carries the moniker Grande Punto.
This impressive name reflects more than the car's larger dimensions, it also reveals the company's hopes that this new Punto will be at the vanguard of a new Fiat sales boom. "2005 was a dreadful year for us," admits Smyth. "We've suffered and now, basically, we're in recovery mode."
But with the arrival of the latest Punto, which is Fiat's most important vehicle, representing half of all its sales, that recovery can finally get under way.
Rather reluctant to give predictions that could come back to haunt him, Smyth however is confident enough to indicate he would be happy if 5,000 Grande Puntos found homes here this year.
Out of a total market predicted to reach 185,000 cars, this sounds conservative for the latest version of Ireland's best selling car in 1998, 1999 and 2000, but his conservatism is a clear indicator of the company's new-found realism.
Indeed, his prediction could well turn out to be too low. The Grande Punto has many of the attributes that will help it climb back up the best selling list.
As its name suggests, this third generation Punto is larger than the outgoing model (although Fiat will continue to sell the base model of the current Punto alongside its larger sibling).
This is big by small car standards and is the first in its class to reach over 4m in length and this translates into extra space for passengers and luggage.
Also of benefit in the new Punto is its safety rating. With a high scoring five stars at EuroNCAP, it sits up there with the best on the market.
Quality has always been an issue with Fiat. However, initial inspections seem to indicate this has been addressed in the new Punto and, for those in doubt, the car comes with a four-year warranty, which is unique to the Irish market.
What should also help the car lift Fiat sales is its price, which reflects the company's core attraction - value for money motoring.
At €14,795 for the basic three-door 1.2-litre petrol, which comes with a high level of equipment, the Grande Punto is competitive enough to appeal to many in this year of SSIA payouts, especially when one considers it is just €800 more than the previous generation.