Internally codenamed Project 176, the Punto was announced in September 1993 and launched in late 1993 as a replacement for the ageing Fiat Uno. The Fiat Punto was voted European Car of the Year for 1995. The Punto's distinctive clean-cut styling by Giorgetto Giugiaro was an instant hit (though one of the car's most recognisable features, the vertical tail/rear lights, were not part of Giugiaro's original design and were in fact added later in-house at Fiat's factory[citation needed]). Competitive pricing which undercut cars like the Opel Corsa and Volkswagen Polo also helped the Punto become an instant success in the European marketplace.
Entry-level in the Punto range were the 1.1 and 1.2 L petrol engines and the 1.7 diesel engine. The 1.2 engine's actual capacity is 1.242 litres, available in 3 versions. The first, was fitted in the Punto ELX 75 and produced 75 hp (56 kW) at 6000 rpm while the second, fitted to Punto ELX 85 produced 86 hp (64 kW) at 6000 rpm. The third was a 60 hp (45 kW) engine which eventually replaced the 1.1 54 hp engine.
A Sporting model was also available with an 1.6 8v updated 128 SOHC engine, producing 88 bhp, later replaced in 1997 by the 1.2 16v FIRE engine used in the 85 ELX, and a power drop to 86 bhp.
The top of the range model was the 136 PS (100 kW; 134 hp) 1.4 GT, using an evolution of the turbocharged 128 SOHC engine originally found in the Fiat Uno Turbo Mk II- capable of running over 200 km/h (120 mph) and reaching 100 km/h (62 mph) in just 7.9 seconds and came fitted with a 5-speed manual gearbox. During the years the GT was made in three different "series" with power 136 PS (100 kW; 134 hp) (1993–1995),133 PS (98 kW; 131 hp) (1995–1997) and 130 PS (96 kW; 130 hp) (1997–1999).
A cabriolet (convertible) version was also available; built by Bertone (rather than at the main Fiat factory), it featured an electric powered fully retracting roof and was one of the cheapest open-top cars in the world at the time. In Italy it was also made with a manual roof. Available in both ELX and SX trim, initially powered by the 90Bhp 1.6 Mpi unit (replaced in 1997 by the 86Bhp 1.2 16v FIRE unit). 55,000 cars were built between 1994–1999
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