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The 124 was introduced in 1966 and instantly won critical acclaim, including that year's Car Of The Year award. It was praised for its spacious interior, advanced coil spring rear suspension, disc brakes and lightweight construction.

The basic 124 saloon also spawned the 124 Sport Spider , and 124 Coupe , both sought after '70's classic cars. A stretched and more luxurious version of the 124 sedan known as the 125 was also launched in 1969.

In 1970, Fiat sponsored the building of the AutoVAZ car factory in the former Soviet Union. The factory produced an adapted version of the 124 known as the Lada BA3-2101 / Zhiguli (later Lada Riva). These cars, which look almost identical to the 124 suffer a bad reputation due to their cheapness and overall outdatedness.

Production of the Fiat 124 ceased in 1974, paving the way for the Fiat 131 Mirafiori , although the Lada version remains in production to this day. Production by Fiat and Pininfarina of the 124 Spider continued until 1985.

Despite its technological achievements, history has not been kind to the 124 - most people highlighting its connection to the now-infamous Lada, and very few 124 sedans have survived.