The Fiat 127 is a supermini produced by the Italian automaker Fiat between 1971 and 1983. It was introduced in 1971 as the replacement for the Fiat 850. Production of the 127 in Italy ended in 1983 following the introduction of its replacement, the Fiat Uno.

Initially only available as a two-door saloon when launched in April 1971, a three-door hatchback, using an identical body profile but with a full-depth rear door and folding rear seat, was launched the following year This was Fiat's first super-mini-sized hatchback, along with a state-of-the-art transverse-engine/front-wheel-drive layout, with the transmission mounted on the end of the engine, both design ideas had been fully trialled since 1964, by Fiat's Autobianchi subsidiary with the Autobianchi Primula and 1969 Autobianchi A112. The 1970 Fiat 128 was the first Fiat badged car to use the same transverse powertrain layout. The 127 used the rugged 903 cc overhead valve engine, that had powered the Autobianchi and, with various cylinder capacities, earlier generations of Fiat cars. The 127 also featured a unique transverse leaf spring suspension at the rear. The car was one of the first of the modern superminis, and won praise for its utilisation of space (80 percent of the floor space was available for passengers and luggage) as well as its road-holding. It was also the first car fitted with an all-polypropylene bumper on steel support. The 127 was an instant success, winning the European Car of the Year award for 1972, and quickly became one of the best-selling cars in Europe for several years. It was the third Fiat in six years to receive this accolade.

Fiat S.p.A., (Fabbrica Italiana Automobili Torino) (Italian Automobile Factory of Turin), is an Italian automobile manufacturer based in Turin. Fiat was founded in 1899 by a group of investors including Giovanni Agnelli. During its more than a century long history, Fiat has also manufactured railway engines and carriages, military vehicles, and aircraft. As of 2009, the Fiat group (not inclusive of its subsidiary Chrysler) was the world's ninth largest carmaker and the largest in Italy.

Fiat-based cars are built around the world. Outside Italy, the largest country of production is Brazil, where the Fiat brand is the market leader. The group also has factories in Argentina and Poland and a long history of licensing production of its products in other countries. It also has numerous alliances and joint ventures around the world, the main ones being located in Italy, France, Turkey, Serbia, India and China.

Agnelli's grandson Gianni Agnelli was Fiat's chairman from 1966 until 1996; he then served as honorary chairman from 1996 until his death on 24 January 2003, during which time Cesare Romiti served as chairman. After their^{[clarification needed]} removal, Paolo Fresco served as chairman and Paolo Cantarella as CEO. Umberto Agnelli then took over as chairman from 2003 to 2004. After Umberto Agnelli's death on 28 May 2004, Luca Cordero di Montezemolo was named chairman, with Agnelli heir John Elkann becoming vice chairman (at the age of 28), and other family members also serving on the board. At this point, CEO Giuseppe Morchio resigned, and Sergio Marchionne was named to replace him on 1 June 2004.