Mazda Motor Corp. on Wednesday launched its remodeled Demio as competition heats up in Japan's compact car market.
The Demio, fully remodeled for the first time since its launch in 1996, will also be marketed overseas.
It was one of the first new-breed spacious compact cars to hit the market, becoming a benchmark model. The Demio's popularity at the time influenced competitors to develop similar vehicles with 1.3- and 1.5-liter engines.
Compact cars now make up the most competitive segment of the market, with Honda Motor Co.'s Fit, Toyota Motor Corp.'s Ist and Vitz models, and Nissan Motor Co.'s March topping the list of new car sales.
"We are delighted to have a brand-new car competing in this segment," said Lewis Booth, Mazda's president and chief executive officer.
Mazda is aiming for monthly sales of 7,000 Demios, which will be priced between 1.07 million yen and 1.53 million yen.
Booth said Mazda will ship the new Demio to Australia and New Zealand later this year and will consider exporting it to Asian markets.
The Demio will be made at Ford Motor Co.'s plant in Valencia, Spain, starting in 2003 beginning in the first quarter of 2003, Booth said. Ford holds a 33.4 percent stake in Mazda.
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