If you can do without some of the zest of the 160HP Abarth 500 in order to save a couple thousand dollars but still want more power than the regular 101HP 500, the Italian automaker has something new for you in the form of the 2013 Fiat 500 Turbo.

Making its debut today at the Concorso Italiano in Monterey, California, the 500 Turbo will go on sale in the United States this fall with an MSRP of $19,500 (€15800), or $2,500 less than the Abarth 500 that starts at $22,000. Keep in mind that all prices exclude a $700 destination charge.

Under the hood, it packs a de-tuned version of the Abarth’s 1.4-liter MultiAir turbocharged inline-four gasoline engine rated at 135 horsepower and 150 lb.-ft. of peak torque, delivered to the front wheels through a five-speed manual gearbox.

Other performance enhancements over the regular 500 include a brake system with semi-metallic brake linings at all four corners, larger 11.1-inch ventilated front rotors for greater stopping power, a unique lower control arm and the 500 Sport model’s sport-tuned spring rates, shock tuning and steering calibration.

A sports exhaust system for a throatier sound is also included.

On the outside, the 500 Turbo features a more pronounced front fascia that’s pushed 2.7 inches forward to accommodate the turbo engine, a new front bumper with larger air vents, blacked out head- and tail-lamps, a different rear bumper with air vents and a diffuser, side skirts, and a roof spoiler.

The chromed exhaust pipe and the 16-inch wheels housing red-colored brake calipers complete the look.

As for the interior, the 500 Turbo gets sports seats, leather-wrapped shift knob and steering wheel accented with Argento (silver) stitching, and a new Beats by Dr. Dre audio system that includes six premium speakers, an 8-inch dual-voice coil (DVC) subwoofer with trunk-mounted enclosure and eight-channel 368-watt amplifier with Beats Audio digital sound processing (DSP) algorithm.

“The new Fiat 500 Turbo is the answer to all the fans that loved the style of our Cinquecento but wanted more power and performance for their daily drive,” explained Tim Kuniskis, Head of FIAT Brand North America.

He continued: “With 135 horsepower and 150 lb.-ft. of torque, the Fiat 500 Turbo hits the sweet spot between the regular Cinquecento and the high-performance Fiat 500 Abarth. The Fiat 500 Turbo balances and blends the best Italian flavors that our portfolio has to offer, becoming the perfect canvas for customization.”

Photos and a video from the new Fiat 500 Turbo’s presentation in California follow right below the jump.

PHOTO GALLERY

VIDEO