Yet more MINI competition… this time specific to the US market. Fiat has officially approved four variants of the 500 to be built in Mexico and release starting in 2011. Reportedly we should expect the standard hatchback in both standard and Abarth trim, newly released convertible and a wagon variant. While it may not quite live up to the MINI’s dynamic abilities, there’s little question that the little Fiat has plenty of charm and potentially even an edge on the cute factor – seemingly important in the US market these days.

For those of our readers in the US, would this tempt you out of a MINI? Or for those readers elsewhere, has the 500 already tempted you?

+ REPORT: Four versions of Fiat 500 in the U.S. by 2011 / Autoblog (via Automotive News)