Lorenzo Sistino, the Executive VP for Internal Operations of the Fiat Group, presented the first Fiat 500 in Shanghai, China today. This is the very first Fiat model to ever arrive in China, and as a special treat, a “special version” of the Fiat 500 models were created. In these so-called Fiat 500 “First Edition” models, the graphic designs of five Chinese graphic designers were imprinted on the car’s bodywork. How’s that for pop car art? Only 100 units of Fiat 500 First Edition were made and will be available in a limited time offer only, which is way ahead of the car model’s regular China launch on September 15, 2011.

The Fiat 500 “First Edition” boasts of the so-called Lounge Trim. It has a beautiful pearl white paint finish. In contrast to the white paint job, the interiors are made with red leather and the door pillars carry special badges. Under the hood, the “First Edition” Fiat 500 carries a 1.4-liter MultiAir engine that has 101 ponies attached to a 6-speed automatic transmission.

As for the standard Fiat 500 units that will be available in showrooms this September, the same engine and transmission system will be attached. There are three trims available—the Sport, Lounge, and Pop. For those who might miss on the special bodywork that honors the work of young Chinese designers, you can always choose from 12 different paint finishes and about 9 different materials and color for the upholstery. Interior trims can either be ivory or black.

There are rumors that the 2012 Fiat 500 model will be sold outside its U.S. network of dealerships. But the hot issue these days is about its fuel rating. The initial figures for the 2012 Fiat 500’s fuel rating are speculated to be 40mpg. However, the official figures confirmed by the U.S. EPA is 30mpg for city driving and 38mpg for highway driving. When combined, the final rate is at 33mpg. These figures are achieved with the specific 2012 model carries a MultiAir 1.4-liter engine attached to a five-speed manual gearbox, thus the high expectations about its fuel ratings. On the other hand, when attached to the an automatic transmission, the 2012 Fiat 500 has a fuel rating of 27 mpg for city driving and 34 mpg for highway driving, amounting to a combined 30 mpg for automatic transmission.

Nevertheless, the manual transmission 38mpg it produced is not bad when you compare it to similar models like the Ford Focus, Hyundai Elantra and the Chevrolet Cruze whose fuel ratings are at 40mpg or a little bit higher. Still, even with such great fuel rating results, there’s nothing that compares to having a perfect 40mpg fuel rating figure.

Leaving the fuel rating talks aside, the initial price tag for the 2012 Fiat 500 is pretty damn attractive. The Pop model starts at $15,995. Now that’s a price its competitors have to beat. So even if the 2012 Fiat 500 land on a perfect 40mpg fuel rating, it’s price tag is something to look forward to for Fiat enthusiasts.