The original Honda Insight, sold between 2000 and 2006, was the first mass-market hybrid vehicle available in the United States. Its place in history, however, was overshadowed by the success of the Toyota Prius. Not content leaving the hybrid market to its rival, Honda launched an all-new Insight in 2009 designed to undercut the Prius in price.

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Honda delivered on its promise to price the Insight under $20,000, with the price of entry starting at $19,800 (plus $670 for destination), This makes the Insight LX the least-expensive hybrid on sale in the United States.

The 40 mpg in the city and 43 mpg on the highway Insight includes standard ABS, power windows and locks and an AM/FM/CD player with an auxiliary input jack. At $21,300, the more upmarket EX adds stability control, heated exterior mirrors, an upgraded six-speaker audio system, cruise control, a center armrest and paddle shifters to the equation.

"The original Honda Insight pioneered hybrid technology in the U.S. and remains a symbol of Honda's commitment to innovative technology and fuel efficiency," said Takeo Fukui, Honda CEO. "This new Insight will break new ground as an affordable hybrid within the reach of customers who want great fuel economy and great value."

Priced below the Honda Civic, this Japanese-built hybrid carries over much of the hatchback styling from the FCX concept. Inside, the Insight appears similar to the Prius with a flat floor and large space, as well as a futuristic dashboard.

In addition to recycling the Insight name, Honda equipped the new hybrid with the same 1.3-liter Integrated Motor Assist system found in the current-generation Honda Civic Hybrid. However, further development of the system cut the IMA's cost by about 50 percent in the new hybrid.

Although the new Insight is loosely based on the Fit, it measures in at 3 inches longer and 1 inch wider than the Fit, which Honda said will also be available with a hybrid powertrain in the near future.

The base model comes with automatic climate control, power windows and locks and six airbags, while EX models of the Insight feature standard steering wheel-mounted paddle shifters, as well as alloy wheels, cruise control and stability control.

Honda hopes to build 200,000 units annually, with half of that production to be sold in the United States.